The Ledger.
The Ledger is where passport.sv shows its work: the math, the provenance, the policy, and the honest trade-offs behind El Salvador's Freedom Passport.
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Sovereignty · The Reserve
Mined by volcanoes.
A state does not bolt Bitcoin onto a passport; it builds the reserve first. How El Salvador turns volcanic geothermal energy into a sovereign Bitcoin reserve of roughly 7,684 BTC, audited block by block at bitcoin.gob.sv, and why that engine is what the Freedom Passport is actually priced against.
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Compliance · Source of Funds
The source-of-funds playbook.
The $1,000,000 question is not whether you have the coins; it is whether you can prove where they came from. The UTXO-level provenance the contribution actually requires, what flags a file, and the 21 CBI pre-audit that runs before you spend the $50,000 advisory fee, let alone the million.
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Policy · The 2025 Repeal
What the 2025 repeal actually changed.
On 30 April 2025, Decreto Legislativo No. 199 ended Bitcoin's legal-tender status, and headlines called it a reversal. Read the decree instead. Legal tender went; the 0% foreign-investor capital-gains treatment, the reserve, and the Freedom Passport stayed. What the IMF facility moved, and what it did not.
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Privacy · Non-CRS
Non-CRS, not non-compliant.
El Salvador is not a signatory to the Common Reporting Standard. That is a true statement and a narrow one. What Non-CRS means by sovereign design, what it does not exempt you from, and why your home-country obligations, FATCA included for US persons, still apply. Privacy stated honestly, or it is not privacy.
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Strategy · Program Fit
The million-dollar question.
At $1,000,000, the Freedom Passport is a signal, not a discount. Who it is actually for: the Bitcoiner who will not pay it for any other program, because no other program is built around Bitcoin at the sovereign level. And, stated plainly, who should look elsewhere.
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Method · Inaugural
Why we publish the math.
Most advisory firms ship marketing. We ship the arithmetic. What The Ledger is, what it is not, and why an honest advisor publishes the figures, the policy timeline, and the limits before you engage. The transparency that converts a skeptic is the only kind worth printing.
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More field notes forthcoming. The geothermal reserve in detail, comparative jurisdictional math, the post-repeal tax picture, and the honest edges of what the Freedom Passport will and will not do. Follow @thebitcitizen, linked at the foot of every page, to be notified. Back to The Freedom Passport.
We showed the work. The rest is a conversation.
Read the math, the provenance, and the policy, then decide. When you are ready, the file begins with a conversation, not a wire.
Low time preference does not mean no action. It means making the right move at the right time.