El Salvador’s adoption of Bitcoin (BTC) as legal cash in September 2021 has resulted in a significant increase in the country’s GDP as well as tourism development.
The tourism business in El Salvador has grown by more than 30% since the enactment of the Bitcoin law in September 2021, according to Salvadoran Tourism Minister Morena Valdez.
“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 the passage of the Bitcoin law, the bulk of visitors came from the Central American isthmus’ bordering countries. She estimates that 60% 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.