Bitcoin bullishness of El Salvador has increased tourism

Wednesday, February 23, 2022

In September 2021, El Salvador has taken on bitcoin as legal tender. Tourism has increased, the Minister, Morena Valdez, informed the local news outlet, El Salvador News English.

The bitcoin bullishness of the Central American country appears to have manoeuvred international tourists. After checking activity in November and December, she explained that tourism numbers increased more than 30%.

Most tourists would visit from neighboring countries, before the bitcoin adoption. At present, as many as 60% of tourists are coming from the US, Valdez said. Along with the rise in tourism, El Salvador has experienced huge rush in foreign currency, said mentioned.

As the bitcoin adoption of the country has moved more insistently into the cryptocurrency, led by Nayib Bukele, the President, who has become known for trading bitcoin with government funds on his phone.

Nayib announced in November about a “bitcoin bond” in a partnership with digital asset firm Blockstream. As per Blockstream, El Salvador has by now got $500 million in verbal commitments for the bond. One financial executive likened the crypto offering to a “meme” bond,” per the WSJ.

Also, El Salvador has designs to construct the first “Bitcoin City” of the world next to a volcano which is meant to facilitate geothermal energy for the project, according to Bukele.

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