Tourism activities in El Salvador surge over 30% Since Bitcoin Adoption
The Republic of El Salvador is the smallest and the most densely populated country in Central America and tourism is one of the greatest resources for the economic development of the country. According to UNWTO, El Salvador lost around 1.87 million international tourist arrivals in 2020 due to the coronavirus (COVID-19) pandemic. In that year, 549 thousand overnight tourist arrivals from abroad were registered in the country.
El Salvador’s Bitcoin law was dealt a major blow after the crypto market took a plunge in January. However, the law’s implementation is still carrying some benefits for the Central American country. el salvador bitcoin
Since the law was implemented in 2021 and Bitcoin (BTC/USD) was adopted as legal tender, El Salvador’s Gross Domestic Product (GDP) has increased, and so has tourism activities in the country.
In a Monday interview with local media, Salvadoran Minister of Tourism Morena Valdez said the tourism sector has in fact grown by more than 30% since the country started recognizing the oldest and most valuable cryptocurrency as official currency.
Valdez noted that the growth of this sector had transcended the expectations of the government, registering 1.4 million visitors instead of the projected 1.1 million visitors.
The country’s income also exceeded expectations. “We had projected $800,000 in foreign exchange, but we obtained more than $1,400 million of income in foreign currency,” she posited.
The report comes on the heels of the announcement by crypto-loving President Nayib Bukele that his country’s GDP grew by 10.3% in 2021. Bukele declared El Salvador had not witnessed double-digit growth in the GDP before 2021.
It’s worth mentioning that Bukele — who has now become a social media star following his bitcoin experiment — has been a frequent dip buyer in recent months, signaling his confidence in bitcoin’s long-term prospects. The nation now holds over 1,801 BTC.
El Salvador attracting foreign investments el salvador bitcoin
The president of El Salvador is also looking towards boosting this GDP further. Bukele recently said that he would introduce 52 new legal reforms to make El Salvador a haven for investments.
Bukele also said that foreign investors would be fast-tracked to receive El Salvador’s citizenship. This was also promised to investors that took part in the country’s Bitcoin bond.
