El Salvador Tourism Boom: Bitcoin Adoption and Safety Make it the Fastest Growing Destination in the Western Hemisphere

2024-01-13 16:04:56

El Salvador has become the fastest growing tourist destination in the Western Hemisphere over the last year.

According to the latest report from the World Tourism Organization, UNWTO, the number of international visits to the country where Bitcoin BTC Price is legal tender has increased by 35% since 2019.

According to the latest study by an institution belonging to the United Nations (UN), El Salvador’s tourism has increased by 35% since 2019. It was then that Nayib Bukele took over the presidency of the country.

UNWTO El Salvador is a fourth most dynamically growing designated as a tourist destination last year. Only Qatar, Saudi Arabia and Albania might overtake it on the list.

According to the organization, the Central American country also surpassed Colombia, the Dominican Republic, Uruguay and Honduras as the top tourist destination in 2023. In these countries, the growth since 2019 was only 23%, 21%, 18% and 17%.

El Salvador has overtaken Latin American countries to become the top tourist destination in the Western Hemisphere. Source: UNWTO.

The President of El Salvador, Nayib Bukele, reacted to the recent data from the UNWTO and expressed his joy regarding the results.

The Salvadoran government also reported an increase in tourism

The government of El Salvador has been reporting a steady increase in the number of foreign visits for several years. The growth is partly due to the former security consists of remedying political criticisms, which made El Salvador one of the safest countries in the world; on the other hand, official acceptance of bitcoin (BTC) as a means of payment also favors tourism.

In September 2023, Salvador’s Minister of Tourism, Morena Valdéz, stated that more than 2 million people visited the country in August alone. According to CryptoNoticias, attractive factors include:

• the safety,
• the surfing and
• accepting BTC.

In May 2023, the Salvadoran government said more than one million visitors had arrived in five to six months, a 42% increase over 2022.

And in February 2022, months following Bitcoin became legal in El Salvador, the Bukele government reported a 30% increase in tourism. Precisely because of the impact of the Bitcoin Act.

The regulation came into effect in 2021, when Bitcoin became legal tender in El Salvador – parallel to the US dollar. Therefore, the digital currency has become the symbol of nation-states’ acceptance of Bitcoin for more than two years.

Due to the introduction of bitcoin, El Salvador usually welcomes visitors who want to see first-hand what the world is like in a country that was the first to allow BTC to become legal tender.

However, some visitors saw that the Salvadoran population is not familiar with Bitcoin and that the tool is not widely used, although its acceptance is mandatory throughout the country.

However, El Salvador has become a permanent location for major events and conferences related to Bitcoin and its technology. Among them, Adopting Bitcoin stands out, an event that has been held in the Central American country for the past three years.

Bitcoin’s impact on tourism in El Salvador has been so great that major institutions such as the Santander Group have recognized the digital asset’s important role in El Salvador’s economic transformation. Mainly because it promotes foreign visits to the country.

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