Tourism Ministry of El Salvador reports a 30% rise since Bitcoin adoption

El Salvador has been constantly in the headlines since it adopted Bitcoin as its legal tender in September 2021, alongside the U.S. dollar. The move has not only resulted in tremendous growth of its gross domestic product (GDP) but also of local tourism development.

El Salvador sees a surge of 30% in tourism activities

The tourism minister of the country, Morena Valdez, revealed that the tourism industry in El Salvador had witnessed a surge of over 30% since September last year.

La titular del @MITURElSalvador, @MorenaValdezSV, informa que El Salvador superó las proyecciones en turismo, alcanzando los 1.4 millones de visitantes y las $1,462 millones en divisas.

Según la Ministra, el 60% de los visitantes provino de Estados Unidos. pic.twitter.com/UzTjB1hsKs

— Noticiero El Salvador 🇸🇻 (@NoticieroSLV) February 21, 2022

On Monday, during an interview with the local news agency El Salvador News English, Valdez said that the ministry conducted a poll to check the tourism activity before and after Bitcoin adoption and found that the sector boomed in November and December, resulting in an increase of more than 30%. She added:

“There are three pillars destined for the development of tourism. The first is infrastructure, the second is to strengthen human resources, and the third is everything related to surf tournaments.”

Beyond expectations

El Salvador’s tourism boom has surpassed the government’s expectations, hitting 1.4 million visitors instead of 1.1 million, according to the ministry.

“We had projected $800,000 in foreign exchange, but we obtained more than $1,400 million of income in foreign currency,” Valdez stated.

El Salvador’s acceptance of Bitcoin, according to Valdez, has had an influence on the number of tourist visits, with the number of visitors from the United States increasing. Prior to Bitcoin’s acceptance, the majority of tourists came from the Central American isthmus’ neighboring countries. She estimates that 60% of tourists are now coming from the United States.

The announcement regarding the development of the first Bitcoin city in the country has also attracted many eyes last year.

The news came shortly after president Nayib Bukele announced that the government is thinking of offering citizenship to those who invest in the country. El Salvador also witnessed a GDP growth of 10.3% in 2021, with exports rising by 13% year-over-year in January 2022.