news hardware In this country, bitcoin attracts tourists as much as the landscapes
What if Bitcoin had more potential than paradise beaches in Latin America? Although this is not necessarily the original project of this country, it seems that the new national currency called Bitcoin is promoting tourism there.
El Salvador: the land of bitcoin
The smallest country in Latin America, sandwiched between Guatemala and Honduras, is the subject of an unprecedented experiment. As of September 7, 2021, El Salvador became the first country in the world to make Bitcoin a legal currency.
The initiative was taken by Nayib Bukele, President of El Salvador and cryptocurrency enthusiast, among others. According to him, Bitcoin would allow Salvadorans to save up to $400 million in bank fees. An argument that holds when we know that America-based Salvadoran expatriates import around 22% of GDP in dollars. El Salvadorans had plentifully opposed the head of state’s decision, and several polls indicated their desire to continue using the dollar, El Salvador’s legal tender, for more than 20 years.
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Bitcoin attracts tourists
The land of volcanoes seems to offer its tourists not only grandiose landscapes. According to President Nayib Bukele, Bitcoin would be El Salvador’s spearhead in attracting new travelers.
A true cryptocurrency enthusiast, Nayib Bukele himself points out the trend on his Twitter account. For him, Bitcoin would have partially contributed to a better tourism recovery after the COVID pandemic:
“Only some countries have managed to regain pre-pandemic tourism levels. And that affects international tourists, so the reasons for that are mostly bitcoin and surfing. »
A connection that the minister of El Salvador confirms. Morena Valdez points out that tourism increased by 30% after Bitcoin was legal tender. In their opinion, bitcoin would have increased the daily spending of locals and tourists.
However, it could be that this rebound has more to do with “surfing” than bitcoin. In fact, the OMT (the World Tourism Organization) points out that the majority of tourist destinations are experiencing an explosion of flows compared to 2020. Therefore, it is clear that El Salvador is not the only one recovering 80% of its tourists.
Although bitcoin has become part of the habits of El Salvador residents, the link to the tourism explosion does not seem very obvious. However, it is clear that the integration of Bitcoin generates specialized tourism. The government has a keen interest in demonstrating the effectiveness of its new virtual currency, regardless of the case of Bitcoin, which has caused nearly $50 million in losses in the country. With the arrival of projects to develop this economy, such as Bitcoin City, El Salvador continues to establish itself as the self-proclaimed land of Bitcoin.