El Salvador’s adoption of bitcoin (BTC) as legal tender in September 2021 caused a noticeable surge not only in its gross domestic product but also in the development of local tourism.
Salvador’s tourism minister, Morena Valdez, said the tourism industry in El Salvador has grown by more than 30% since the adoption of the bitcoin law in September 2021.
“We conducted a survey to check the activity before and after Bitcoin. The tourism sector increased in November and December. This has increased by more than 30%,” Valdes said in an interview with local news agency El Salvador News English on Monday.
Boom!Tourism in El Salvador up 30% after bitcoin law https://t.co/i8t6JRHD1a#ElSalvador #BitcoinLaw #bitcoin #bitcoininvestment #Abtc #tourism #BitcoinCity #blockchain #investments — Monica Taher ⚡️ (@monicataher) 22 February 2022
Valdes noted that the introduction of Bitcoin in El Salvador has also affected the flow of tourist visits, increasing the number of tourists arriving from the United States. Prior to the introduction of Bitcoin law enforcement, most visitors came from the neighboring countries of the Central American Isthmus. According to her, now 60% of tourists come from the United States.
The minister added that tourism growth in El Salvador has exceeded government expectations, reaching 1.4 million visitors instead of 1.1 million tourists.
“We were targeting $800,000 in foreign currency, but received over $1,400 million in foreign currency revenue,” Valdez said.
Related: Pro-Bitcoin El Salvador President Will Offer Citizenship to Foreign Investors
The news comes shortly after Salvadoran President Naib Bukele announced that El Salvador’s GDP grew by 10.3% in 2021. The country’s exports, the main driver of economic growth, also increased by 13% year-over-year in January 2022.
El Salvador’s GDP grew by 10.3% in 2021. And now its exports (the main engine of economic growth) are up 13% in January this year compared to January 2021. Do we expect another double-digit GDP growth this year? By the way, until 2021, El Salvador never had double-digit GDP growth.