Tourism Surged by 30% Says El Salvador Minister After Bitcoin Adoption
https://ift.tt/uwjvPyA
- Most of the site’s visitors were from the Central American isthmus before.
- El Salvador’s tourism has surpassed the projections, with 1.4 million visitors.
As of September 2021, the introduction of Bitcoin (BTC) as a legal currency in El Salvador has significantly increased GDP and tourist growth. According to Salvadoran Tourism Minister Morena Valdez, it is estimated that the tourist business in El Salvador has grown by more than 30 percent after the enactment of the Bitcoin legislation in September 2021. Valdez spoke in an interview with the local news agency El Salvador News English on Monday.
The Minister said:
“We did a poll to check the activity according to the before and after of Bitcoin. The tourism sector increased in November and December. This increased by more than 30%.”
Figure Surpassed Government’s Projections
As a result of the introduction of Bitcoin in El Salvador, Valdez remarked, there has been an increase in the number of visitors from the United States. Most of the site’s visitors were from the Central American isthmus before the Bitcoin legislation was passed. More than half of visitors are from America, she claimed.
Additionally, El Salvador’s tourism has surpassed the government’s projections, with 1.4 million visitors instead of the expected 1.1 million. El Salvador’s GDP rose by 10.3 percent in 2021, according to President Nayib Bukele’s announcement. In January 2022, the country’s exports, which are a key economic development engine, rose 13% year-over-year.
An unprecedented amount of Bitcoin has been stored for almost half a year, according to Glassnode. Most investors who bought cryptocurrencies more than half a year ago choose to keep rather than sell them in a market that is already vulnerable.
Cryptocurrency
