El Salvador Tourism Sector Records 30% Growth, Attributes It to Bitcoin

Updated:

Recent reports from the El Salvador government show that the nation’s tourism sector has grown by over 30% in the last five months since the enactment of the Bitcoin Law last September.

The announcement came from El Salvador’s Ministry of Tourism earlier this week, attributing the tourism influx increase to the Bitcoin Law, which saw the country adopt BTC as a legal tender alongside the US dollar.

According to a notice on the government website, the government explained that for the first few months of Bitcoin being legal tender, “it was possible to identify the advantages of having added innovation and financial freedom.” The post also explained that tourism was one of the first economic sectors where the effect of the Bitcoin Law was palpable.

Commenting on the recent developments, the head of the Ministry of Tourism (MITUR), Morena Valdez, stated:

“The implementation of bitcoin benefited the sector. More tourists and investors have come to see how cryptocurrency works.

We did a poll to check the activity before and after bitcoin. The tourism sector increased, in November and December, more than 30%.”

Valdez added: “Expectations of recovery in this sector have been exceeded since 1.1 million visitors had been projected and 1.4 million have been received.” Also, the minister revealed that 60% of all visitors to El Salvador came from the US.

The memo on the website also noted that along with other government efforts, “cryptocurrency multiplies the opportunities to do business with more partners anywhere in the world.”

El Salvador Record Double-Digit GDP Growth Thanks to Bitcoin: Bukele

Additionally, El Salvador President Nayib Bukele recently asserted adopting BTC as legal tender has helped the Central American nation boost its GDP growth. Bukele explained that the nation achieved double-digit GDP growth for the first time in history, tweeting last week that:

“El Salvador’s GDP grew 10.3% in 2021 … El Salvador never had a double-digit GDP growth before 2021.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.