The adoption of Bitcoin (BTC) as legal tender in El Salvador in September 2021 has triggered a remarkable increase not only for its gross domestic product (GDP) but also for the development of local tourism.
According to the Minister of Tourism of El Salvador, Morena Valdez, the tourism industry in El Salvador has increased more than 30% since the adoption of the Bitcoin law in September 2021.
“We did a survey to check the activity according to the before and after of Bitcoin. The tourism sector increased in November and December. This increased by more than 30%,” Valdez said in an interview with local news agency El Salvador News English on Monday.
Boom!
El Salvador’s tourism has grown by 30% since the Bitcoin Lawhttps://t.co/i8t6JRHD1a#The Savior #BitcoinLaw #bitcoin #bitcoininvestment #abtc #tourism #BitcoinCity #blockchain #investments
— Monica Taher ⚡️ (@monicataher) February 22, 2022
Boom!
Tourism in El Salvador has grown by 30% since the Bitcoin Law
Valdez noted that the adoption of Bitcoin in El Salvador has also impacted the flow of tourist visits, increasing the number of tourists from the United States. TOBefore the enactment of the Bitcoin law, most visitors came from neighboring countries of the Central American isthmus. Now, up to 60% of tourists come from the United States, said.
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 had projected USD 800,000 in foreign currency but we obtained more than USD 1,400 million of income in foreign currency”Valdez stated.
The news comes shortly after Salvadoran President Nayib Bukele announced that El Salvador’s GDP grew 10.3% in 2021. The country’s exports, a major engine of economic growth, also rose 13% year-on-year in January 2022. .
El Salvador’s GDP grew 10.3% in 2021.
And now its exports (a main driver of economic growth) grew 13% this January, compared to January 2021.
Are we looking at another double digit GDP growth this year?
By the way, El Salvador never had a double digit GDP growth before 2021. https://t.co/f9yMkPpLNJ
– Nayib Bukele (@nayibbukele) February 19, 2022
El Salvador’s GDP grew 10.3% in 2021.
And now its exports (the main engine of economic growth) grew 13% this January, compared to January 2021.
Are we looking at another double-digit GDP growth this year?
By the way, El Salvador never had double-digit GDP growth before 2021.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.