El Salvador’s tourism sector up 30% since BTC was adopted as the official currency



The Minister of Tourism of El Salvador told that El Salvador’s decision to make Bitcoin an official means of payment within the country’s borders has positively affected the local tourism industry.

Since then, this sector has increased by more than 30% with most visitors coming from the USA.

Tourists’ desire to explore the Bitcoin-loving country:

Similar to other Latin American countries, the tourism sector contributes a large portion of El Salvador’s GDP.

Before the Corona pandemic, more than 2.5 million travelers visited the country each year.

Unfortunately, the health disaster reduced travel activities to a minimum in 2020 and 2021.

According to Morena Valdez, El Salvador’s Minister of Tourism, there has been some movement in space in the past several months.

Interestingly, she said that the use of Bitcoin is the main reason why more and more people want to visit the Central American country, as her comment on this was as follows:

We conducted a survey to check the activity before and after Bitcoin.

The tourism sector rose in November and December.

This percentage has increased by more than 30%.

She added:

The main flow of tourists has changed.

Prior to the adoption of Bitcoin, most people visiting El Salvador came from neighboring countries such as Honduras, Guatemala, and Nicaragua.

The picture looks different now that 60% of the tourists come from the USA.

Travelers also spent more money during their stay in El Salvador.

While the ministry expected profits of up to 800,000 dollars, bringing the actual figure to more than 1.4 million dollars in foreign currency income.

It seems that visitors are not only impressed by the white sandy beaches, volcanoes and ancient ruins.

They find it interesting to explore the first country where Bitcoin is an official form of payment.

Bitcoin projects in El Salvador continue:

Aside from adopting the leading cryptocurrency as legal tender, the Salvadoran government also bought and stored Bitcoin as a long-term investment.

After the last purchase in January, El Salvador now owns 1,801 Bitcoin, equivalent to about $68 million.

President Najib Bukele and his management of their properties have involved some interesting projects.

In October 2021, they pledged to use some of the profits accumulated from bitcoin purchases (at the time, they totaled about $4 million) to create a massive veterinary hospital.

Soon after, the government said it would use some of the investment gains to build 20 schools.

Next, Bukele announced plans to create an entire city focused on cryptocurrency.

Read also:

Sentiment of ‘extreme fear’ surrounds Bitcoin after its price slump and conflicting expectations about a bear market

The number of Bitcoin “Hodlers” reaches an all-time high




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