El Salvador’s Tourism Surges by 30% After the Adoption of Bitcoin
- The tourism business in El Salvador has grown by more than 30% since the enactment of the Bitcoin law.
- The country’s GDP will grow by 10.3% in 2021.
- Exports, which are a primary engine of economic growth, climbed by 13% year over year.
El Salvador’s adoption of Bitcoin (BTC) as legal cash in September 2021 has resulted in a significant increase in the country’s GDP and tourism development.
According to Salvadoran Tourism Minister Morena Valdez, the tourism business in El Salvador has grown by more than 30% since the enactment of the Bitcoin law in September 2021.
“We did a poll to check the activity according to the before and after of Bitcoin. As a result, the tourism sector increased in November and December. This increased by more than 30%,” Valdez said in an interview with the local news agency El Salvador News English on Monday.
According to Valdez, El Salvador’s acceptance of Bitcoin has impacted the flow of tourist trips, with the number of visitors from the United States increasing. Before the passage of the Bitcoin law, the bulk of visitors came from the Central American isthmus’ bordering countries. However, she estimates that 60% of tourists now come from the United States.
According to the ministry, El Salvador’s tourism boom has surpassed the government’s projections, hitting 1.4 million visitors instead of 1.1 million.
“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, a primary engine of economic growth, climbed by 13% year over year.