Last updated Nov 29, 2025
Chamath @ 00:55:44Inconclusive
politicseconomy
If Trump's proposed $5M "golden visa"/green card product is constrained by current OFAC/AML/KYC frameworks, the total number of buyers over the life of the program will be on the order of the 'tens of thousands' (i.e., roughly 10,000–99,999 buyers), not millions.
If you literally have to go through the existing set of frameworks on like OFAC, AML, KYC, all that stuff, it's probably in the tens of thousands.View on YouTube
Explanation

As of November 30, 2025, there is no definitive, audited data on how many Trump “Gold Card” (or successor) visas have actually been sold, and the ultimate life-of-program total is unknown.

Key points:

  • Trump and Commerce Secretary Howard Lutnick initially pitched a $5 million “gold card” (later rebranded in various ways) and publicly floated selling up to 1–10 million of them, generating trillions in revenue.(cnbc.com) Lutnick even claimed on the All-In Podcast and to international media that he had sold 1,000 cards in a single day.(business-standard.com)
  • Subsequent reporting, however, found that for months there was no functioning program and no money changing hands: as of late April 2025, immigration-focused outlets citing the New York Times reported there was still no official application process and that none of Lutnick’s claimed Gold Cards had actually been sold.(visaverge.com)
  • When the program finally launched via executive order in September 2025, the core offer was sharply revised: the main “Gold Card” price was cut from $5 million to $1 million, with separate higher-tier products (e.g., a $5 million “Platinum Card”) teased on the trumpcard.gov site. This 80% price cut was widely interpreted by investment‑migration experts as an admission of weak demand.(forbes.com)
  • Official communications now talk about making roughly 80,000 Gold Cards available, but even that is a planning figure; the program is still in an early “implementation phase,” and public reporting does not provide a verified count of cards actually issued.(cbsnews.com)
  • Independent experts in the investment‑migration space have publicly argued that in practice fewer than 1,000 cards are likely ever to be sold, far below both Trump’s millions and even the “tens of thousands” scale, but these are forecasts, not realized outcomes.(newsweek.com)

Because:

  1. The program is only months into actual operation; courts and Congress may still alter, block, or repeal it, and
  2. There is no authoritative, end‑state number of buyers, only projections and partial early data,

Chamath’s conditional, long‑horizon prediction about eventual total buyers over the life of the program ("tens of thousands, not millions" if OFAC/AML/KYC rules truly bind) cannot yet be scored as right or wrong. The best we can say is that emerging expert opinion and early signs of weak demand point toward far fewer buyers than the administration’s "millions" rhetoric—but whether the final total lands in the low thousands, tens of thousands, or somewhere else entirely remains unresolved.