Tourism in El Salvador has increased by 30% since Bitcoin’s introduction
President Nayib Bukele of El Salvador previously said that El Salvador’s GDP will grow by more than 10% in 2021.
El Salvador’s acceptance of Bitcoin (BTC) as legal cash in September 2021 resulted in a significant boost to the country’s gross domestic product (GDP) and tourist growth.
According to Salvadoran Tourist Minister Morena Valdez, El Salvador’s tourism business has grown by more than 30% since the country adopted the Bitcoin legislation in September 2021.
“We conducted a survey to determine the level of activity before to and after the introduction of Bitcoin. November and December saw an upsurge in tourists. This jumped by more than 30%,” Valdez stated in a Monday interview with El Salvador News English.
Valdez said that El Salvador’s acceptance of Bitcoin has also influenced the flow of tourist trips, with the number of Americans visiting the country growing. Prior to the adoption of the Bitcoin regulation, the bulk of tourists came from neighbouring Central American isthmus nations. Now, she added, up to 60% of visitors originate in the United States.
El Salvador’s tourism development has surpassed official estimates, surpassing 1.4 million visitors rather than 1.1 million.
“We expected to earn $800,000 in foreign money, but we earned more than $1,400 million,” Valdez claimed.
The announcement comes on the heels of Salvadoran President Nayib Bukele’s announcement that El Salvador’s GDP would grow by 10.3 per cent in 2021. Exports, a significant engine of economic development, climbed 13% year over year in January 2022.