Since El Salvador adopted bitcoin as legal tender in September 2021, local tourism has jumped 30%.
Now, as many as 60% of tourists are coming from the US, said Tourism Minister Morena Valdez.
And along with the jump in tourism, El Salvador has seen a steep influx in foreign currency.
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Since El Salvador adopted bitcoin as legal tender in September 2021, tourism has surged, Tourism Minister Morena Valdez told local news outlet El Salvador News English.
The bitcoin bullishness of the Central American nation seems to intrigue foreign visitors. After checking activity in November and December, she said tourism numbers showed a spike of more than 30%.
Before the bitcoin adoption, most tourists would visit from neighboring countries. Now, as many as 60% of tourists are coming from the US, Valdez said. And along with the jump in tourism, El Salvador has seen a steep influx in foreign currency, said added.
Since the country’s bitcoin adoption, it has moved more aggressively into the cryptocurrency, led by President Nayib Bukele, who has become known for trading bitcoin with government funds on his phone.
In November, he announced a “bitcoin bond” in a partnership with digital asset firm Blockstream. According to Blockstream, El Salvador has already gotten $500 million in verbal commitments for the bond. One financial executive likened the crypto offering to a “meme” bond,” per the WSJ.
El Salvador also has plans to build the world’s first “Bitcoin City” next to a volcano which is meant to facilitate geothermal energy for the project, according to Bukele.