El Salvador President Says Making Bitcoin Legal Tender Increased Tourism By 95%

By Kevin • March 6, 2023 6:49 pm • Comments

El Salvador made news back in 2021 when it announced that it would become the first nation in the world to make Bitcoin legal tender.

The move gathered a lot of criticism from other countries, but it seems that the results have actually been quite positive for the country.

The president of El Salvador, Nayib Bukele, shared that tourism within the country has increased by 95% ever since the decision was made.

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This is in addition to all the new private investments that have been made as crypto investors all around the world decide to do business within the country.

Based on the current trajectory of the country and its experiment with BTC, it looks like Bitcoin’s status as a legal tender is here to stay permanently.

CryptoPotato reports:

El Salvador’s political leader outlined in a recent interview the most important advantages which adopting bitcoin as a legal tender brought to his nation. First, it made the Latin American country much more attractive to travelers, boosting tourism by approximately 95%.

“We have increased tourism by 95%, and that’s in part because of bitcoin. There’s a lot of bitcoiners that want to go to the country where bitcoin is legal tender, we have bitcoin conferences.”
El Salvador’s Minister of Tourism – Morena Valdez – said nearly a year ago that the local tourism industry went up 30% in the first three months after embracing BTC.

She explained that the nation has become highly popular with Americans, who accounted for 60% of all visitors.

Bukele maintained in his appearance that El Salvador has received “a lot of private investments” since jumping on the bitcoin bandwagon.

Bukele also continues to criticize a lot of centralized banking institutions such as the Federal Reserve which has printed trillions of dollars since the pandemic.

As a result, it is clear that this has caused a lot of inflation concerns both in the US as well as many other countries in the world.

Based on this, the president expects there to be a massive shift from centralized insitutions to decentralized financial services in the future.

Since El Salvador is the only country to have Bitcoin as legal tender, Bukele expects the country to be in the best position to take advantage of this shift with the goal to fix the country’s economic inequity.

Investing.com reports:

Bukele, when asked about the potential benefits of legalizing Bitcoin in the nation, said that it would fit in well with the emerging economic structure. Bukele said that the legalization of Bitcoin has resulted in a 95% rise in tourists.

The president of El Salvador went on to discuss the nation’s many advantages, such as private investment and the fact that the country is drawing Bitcoiners for conferences thanks to the currency’s recent legality.

As Bukele recognized Bitcoin as the “king of cryptocurrencies” and made it legal, he gained the backing of the Bitcoin community as well.

Some people disapproved of his move, but other nations are starting to see the importance of bitcoin and other cryptocurrencies. This may be seen in the attitudes of different countries and their progress towards adopting blockchain and cryptocurrencies.

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