Can Bitcoin be used as proof of funds during visa application in your country?

[Ndabagi01]

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto. 

If you even show this in your country where they’re strictly against crypto, they can even get you arrested as to why you’re holding crypto when it is highly prohibited by all citizens to own and trade with them. I won’t even think of doing that when I know my government is anti-crypto, it’ll make me more vulnerable to the public (government agencies) if I do that.

Nope, even stock, gold, real estate didn't qualify as proof of funds, so I'm not surprising to see Bitcoin didn't qualify too. However, I'm shocked that your friends didn't have emergency funds, no matter how big your trust in investment, you need emergency funds in order to prevent you to sell your investment at loss.

Bitcoin to some people is an asset just like gold, real estate etc, so it can’t be used as a proof of funds when applying for visa. Where bitcoin is legally used and a means of payment and services, I think such countries will accept it as a proof of fund. In this case, we can’t tell if the friend may have emergency funds with him but it might not be enough to show as a proof of funds that will make him qualify for the visa. What was he thinking if he doesn’t have fiat to spend in the country he’s going to, he will definitely have to convert there if he doesn’t now, so I feel he has some funds but not enough to allow him qualify for the visa.

[sunsilk]

A friend wants to visit a country and they were enquiring for proof of funds for him to be issued a Visa. This young man has invested heavily in Bitcoin and other cryptocurrencies that he might not be able to present the minimum amount they want in his fiat account. But he can present ten times more than the amount the embassy is asking if they want it in cryptocurrency.

The embassy is insisting that although Bitcoin is legal in the country, they cannot accept it as proof of funds. The guy is a little bit frustrated because he is been forced to sell his coin prematurely in other to present the amount they are requesting. The visit is for an important business where he needs to test run and evaluate some equipment he wants to acquire. Taking a loan might not be appropriate since the embassy wants to see the flow of cash and not just a lump sum.

I suspect that countries like El Salvador might accept Bitcoin for such proof. How is the situation in your own country? My country will not accept Bitcoin because the government is anti-crypto. 

These countries that require a visa are looking for their applicant's cash flow so that they won't have just received some who might be illegal immigrants.

Assets like Bitcoin won't give them the guarantee that the applicant has a source of income just like owning tons of other assets. It should be plain and recorded through bank statements and that's why they're asking about it.

Also, they consider someone good if they pay taxes because while holding Bitcoin, we're not yet obliged to pay taxes unless we sell them. I think that those receipts or records of capital gains would do the job if allowed.

[HelliumZ]

Unfortunately this is never possible in my country context. In my country Bitcoin use or transaction is not allowed like other countries in the world and central bank and government have always treated Bitcoin use as a punishable crime. Therefore, before applying for a visa, it is possible to submit gold, house, bank deposits, land, house deed, etc. as collateral, but Bitcoin cannot be shown as collateral. However, I don't know whether it is possible to file a collateral account in any country in the world.

[nakamura12]

Nope, even stock, gold, real estate didn't qualify as proof of funds, so I'm not surprising to see Bitcoin didn't qualify too. However, I'm shocked that your friends didn't have emergency funds, no matter how big your trust in investment, you need emergency funds in order to prevent you to sell your investment at loss.

The proof of funds isn't big because your friend only apply for tourist visa, not working or skill visa.

Yeah this would be different for El Salvador since they treat Bitcoin is same to fiat.

It would be yes if it's El Salvador as you have said in your post since it is the first country to accept Bitcoin as their legal tender. Op's friend should sell some of his investment up to the amount required. That way, op's friend still have some investment and also have emergency funds. I wonder what this person is doing now after op posted this if he decided to sell portion of his investment or not.

[letteredhub]

Your friend you say has ten times of the amount in bitcoin and other cryptocurrencies of what it's been requested from him in fiat.  Aside privacy, What you have to understand is that we using bitcoin as an hedge against inflation which therefore mean that an investor can always deep in his hand int his portfolio to withdraw  some funds to settle his urgent and important issues. Your friend taking a part of his portfolio for the reason of financing another of his business is no big deal for me since fiat is what the embassy wants.