Bitcoin Magazine CEO David Bailey, who is known to be close to Donald Trump, has presented a proposal to fund the Trump administration’s “Gold Card” program using Bitcoin.
Designed to grant wealthy individuals U.S. residency, the initiative requires a deposit of around $5 million or the equivalent in Bitcoin.
Bailey noted that many wealthy individuals from emerging markets are looking to relocate to the U.S., but often face difficulties transferring large amounts of money through traditional financial channels. Bitcoin could offer a more efficient, secure and private alternative for these transactions, he argued.
Bailey said in a statement on social media:
“President Trump should accept Bitcoin paid into the strategic BTC reserve in exchange for a ‘Gold Card.’ Many elites in emerging markets want to live in the US but have difficulty getting $5 million out of their home countries. Bitcoin offers a simpler, safer, and more private solution.”
Bailey also noted that enabling BTC payments for the program could serve as a major incentive for the global Bitcoin community to support the initiative. Bailey suggested that such a move would mobilize “hundreds of millions of Bitcoin holders around the world” to become advocates for the Trump administration’s residency-for-investment program.
*This is not investment advice.
