The Bitcoin Effect: El Salvador’s Tourism Sector Up 30% Since BTC’s Adoption

The Minister of Tourism in El Salvador stated that the decision to make Bitcoin an official payment method within the borders of the country has had a positive impact on the tourism sector. The sector has seen a 30% increase in visitors from the United States since then.

Tourists Want To Explore The Bitcoin-Loving Country

Like other Latin American countries, El Salvador’s tourism sector makes up a large portion of its GDP. Before the COVID-19 epidemic, the country had more than 2.5 million tourists each year. The health catastrophe in 2020 and 2021 has reduced travel to a minimum.

Morena Valdez, El Salvador’s Minister for Tourism, said that there has been some movement over the past few months. She stated that the reason more people are wanting to visit Central America is because of bitcoin’s adoption.

“We conducted a survey to determine the activity in relation to bitcoin before and after. In November and December, the tourism sector grew. This was an increase of more than 30%.

Morena Valdez, Source: 102Nueve

She added that the main flow has changed. Prior to the adoption of bitcoin, most tourists visiting El Salvador came from nearby countries like Nicaragua, Guatemala, Honduras, and Guatemala. Now, 60% of tourists are from the USA.

Travelers also spend more money in El Salvador during their time there. The Ministry had expected to make $800,000 in profits, but the actual income was $1.4 million.

Visitors are drawn to the beauty of ancient ruins, volcanoes and white sandy beaches. It is also fascinating to visit the country where the primary cryptocurrency is used as a payment method.

El Salvador’s BTC Projects

The Salvadoran government also adopted bitcoin as a legal tender. El Salvador now owns 1,801 bitcoins, which is equivalent to approximately $68 million at current prices.

President Nayib Bakele and his team involved their holdings with some exciting projects. They pledged to use some bitcoin purchase profits (back then they were nearly $4 million) to build a huge veterinary hospital. The government announced that it would invest some of the gains in bitcoin schools construction shortly after.

Bukele then announced plans for a new city that will be centered on the digital asset. It will be in the eastern region, and receive geothermal power form a volcano. Further details were revealed by the leader, including the fact that the city will include an airport, commercial and residential areas, as well as a central plaza that resembles the BTC symbol.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami