Did Bitcoin kill the Salvadoran economy as economists and the media predicted? Not really given the country’s economic performance. Indeed, tourism in El Salvador has jumped 95%, assures the country’s president Nayib Bukele. No wonder El Salvador managed to pay all its debts despite the crypto bear market.
El Salvador is better known and visited thanks to Bitcoin
With its beautiful beaches, El Salvador is a dream tourist destination. However, this small Latin American country was largely unknown and its tourist potential untapped. The adoption of Bitcoin as legal tender in 2021 changed everything. El Salvador has been making headlines in larger media, attracting interest from both the crypto community and Bitcoin skeptics. In particular, this has brought several advantages to El Salvador.
In his recent interview with the journalist Tucker-Carlson, Nayib Bukele, the President of El Salvador said that tourism has increased by 95% in his country since the adoption of Bitcoin. The country also receives many private investments.
Since the adoption of Bitcoin, tourism has increased by 95% and we receive a lot of private investment.Nayib BukelePresident of El Salvador
Beyond tourism, several other sectors are green in El Salvador. Indeed, in a previous column, Nayib Bukele had revealed a net increase in employment (7%), new businesses (12%), exports (17%), energy production (19%), energy exports (3,291%) and internal revenues (37%). The country has even managed to pay his 800 million dollars of debts in the middle of the crypto bear market. The IMF, a fervent critic of the adoption of Bitcoin has even come to the conclusion that this crypto did not ruin El Salvador.
Despite the strong criticism, Nayib Bukele has continued to defend and promote Bitcoin in his country. In just a few months, the economic results are already there. As a good defender of Bitcoin, Nayib Bukele works to promote its adoption beyond Salvadoran borders. He thus has opened a second bitcoin embassy in Texas after Switzerland. States are also beginning to understand the value of cryptocurrencies, as evidenced by proposed crypto regulations in New York And in Arizona.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.