Bitcoin Magazine CEO David Bailey proposed to the Trump administration that the US Gold card payments should only be made in Bitcoin.
The Crypto publisher believes that high-net-worth individuals who might want to take advantage of the program will have trouble moving $5 million from their countries through Fiat.
Hence, Bitcoin is the perfect means of exchange for the “Gold Card” program. Bailey believes individuals who need the gold card could pay their money to the Bitcoin Reserve.
David Bailey was among the crypto executives who attended the crypto summit at the White House last Friday.
His suggestion creates another use case for Bitcoin, allowing liquidity to flow into the Crypto Market.
The Gold Card Program
Last month, President Donald Trump unveiled the “Gold Card” program, a bold immigration initiative to attract wealthy foreign investors to the United States.
The offer includes a gold card priced at $5 million that offers permanent residency and a pathway to citizenship, replacing the existing EB-5 visa program, which required a minimum investment of $1.05 million to create jobs.
The Program is the brainchild of Trump and Commerce Secretary Howard Lutnick and aims to draw “High-level people” who spend heavily, pay taxes and employ Americans.
Additionally, the president suggested it could appeal to top talent, with companies potentially sponsoring graduates from elite universities like Harvard or Stanford.
The Program is slated to launch within weeks of the announcement and has received favourable public opinion.
