El Salvador’s September 2021 adoption of Bitcoin (BTC), as legal tender, has seen a significant increase in its gross domestic product (GDP), and also in local tourism development.
Morena Valdez from Salvadoran Tourism Minister says that El Salvador’s tourism industry has increased by more than 30% since September 2021, when the Bitcoin law was adopted.
“We conducted a survey to determine the activity according the the before and after Bitcoin. In November and December, the tourism sector grew. In an interview on Monday with El Salvador News English, Valdez stated that the tourism sector grew by more than 30%.
Boom! El Salvador’s tourism has grown by 30% since the Bitcoin Lawhttps://t.co/i8t6JRHD1a#ElSalvador #BitcoinLaw #bitcoin #bitcoininvestment #Abtc #tourism #BitcoinCity #blockchain #investments
Monica Taher (@monicataher), February 22, 2022
Valdez pointed out that El Salvador’s adoption of Bitcoin has had an impact on the flow of tourist visitors, with a rise in tourists visiting the United States. Before the Bitcoin law was enacted, most visitors came from the Central American islands. She said that as high as 60% of tourists now come from the United States.
Minister Xavier said that El Salvador’s tourism growth exceeded government expectations and reached 1.4 million visitors, instead of 1.1million tourists.
Valdez stated that while we had expected $800,000.00 in foreign exchange, we actually received more than $1.400 million in foreign currency income.
Related: Pro-Bitcoin President of El Salvador will offer citizenship to foreign investors
This news comes just after Nayib Bukele, Salvadoran President, announced that El Salvador’s GDP increased 10.3% in 2021. Exports, which are a key driver of economic growth, also increased 13% in January 2022.
El Salvador’s GDP grew 10.3% in 2021. Now, El Salvador’s exports, which are the main driver of economic growth, increased 13% in January compared to January 20,21. Is this the year we will see another double-digit increase in GDP? By the way, El Salvador never had a double digit GDP growth before 2021. https://t.co/f9yMkPpLNJ
— Nayib Buukele (@nayibbukele), February 19, 2022