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El Salvador’s tourism has increased by 30% since Bitcoin’s acceptance : Minister

El Salvador’s GDP is expected to grow by more than 10% in 2021, according to President Nayib Bukele.

El Salvador’s adoption of Bitcoin (BTC) as legal cash in September 2021 has resulted in a significant increase in both national GDP and local tourism development.

El Salvador’s tourism industry has grown by more than 30% since the approval of the Bitcoin law in September 2021, according to Morena Valdez, the country’s tourism minister.

“We conducted a poll to compare activities before and after the introduction of Bitcoin. In November and December, the tourism industry grew. In an interview with the local news agency El Salvador News English on Monday, Valdez indicated that this had climbed by more than 30%.

El Salvador’s acceptance of Bitcoin, according to Valdez, has had an impact on the flow of tourist trips, with the number of visitors from the United States increasing. Prior to Bitcoin’s legalisation, the majority of tourists came from the Central American isthmus’ bordering countries. She estimates that 60 percent of tourists now come from the United States.

El Salvador’s tourism boom has surpassed the government’s projections, hitting 1.4 million visitors instead of 1.1 million, according to the ministry.

“We expected $800,000 in foreign exchange, but we ended up with more than $1,400 million in international currency,” Valdez said.

El Salvadoran President Nayib Bukele has announced that the country’s GDP will grow by 10.3% in 2021. In January 2022, the country’s exports, which are a primary engine of economic growth, climbed by 13% year over year.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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