The Revival of El Salvador’s Bitcoin-Powered Tourism by DailyCoin

• The World Tourism Organization (WTO) has released a list of 15 countries that have recovered their pre-pandemic tourism levels.
• El Salvador’s international tourism has increased by 6% since 2019, and 30% since the country adopted (BTC) as legal tender.
• El Salvador’s internal tourism has skyrocketed due to Bukele’s intense war against violent street gangs, which has significantly reduced crime.

According to a new report published by the World Tourism Organization (WTO), only a small number of countries around the world have been able to return to pre-pandemic levels of tourism to date. It seems that planning ahead has finally paid off for El Salvador, as the small Latin American country apparently has Bitcoin (BTC) to thank for its achievement.

Only a handful of countries have been able to restore tourism to pre-pandemic levels. And it’s international tourism, so the reasons behind it are mostly #Bitcoin and surf. But internal tourism is growing even more, largely because of our crackdown on gangs. pic.twitter.com/Iy6mFliicJ

— Nayib Bukele (@nayibbukele) August 6, 2022

Three key elements for successful tourism

President of El Salvador Nayib Bukele pointed to the three elements that have contributed to the country’s success in international tourism, which are as follows:

• Promotion of surfing activities around the coast – The small country has a 307 kilometer long coastline along the Pacific Ocean and the Gulf of Fonseca. The country’s beautiful beaches are among the best-rated in Latin America, with many professional surfers labeling the waves of El Salvador a “must ride” destination.
• Bitcoin (BTC) – Ever since the country made the bold move to declare Bitcoin as legal tender, the country’s tourism has grown by 30%. This was confirmed in February, when Morena Valdez, El Salvador’s tourism minister, illustrated that the sharp spike in El Salvador’s Bitcoin publicity had sparked interest from crypto enthusiasts worldwide. The findings revealed that many of them were completely unfamiliar with the small Latin American country before the legal precedent.
• Crime reduction – El Salvador has long been notorious for being home to some of the most dangerous and volatile street gangs, such as MS-13, often portrayed in the media as a murder capital, similar to Caracas in Venezuela. However, El Salvador’s crime lord stigma may soon be a thing of the past, as local residents appear to feel safer at home compared to previous years. As Bukele put it: “Internal tourism is growing even more, mainly because of our crackdown on gangs”.

Bitcoin’s positive impact in El Salvador President Nayib Bukele links tourism recovery in El Salvador to surfing, crime reduction and Bitcoin adoption #news #crypto $BTC pic.twitter.com/gu7uFlLPiI

— Litest (@LitestHQ) August 8, 2022

Crypto investors are coming to El Salvador

Just last week, Milena Mayorga, El Salvador’s ambassador to the United States, revealed that Bank of the Future, a cryptocurrency investment company, was planning to enter the country’s market with a $6 billion investment. The move could prove to be a game changer for the Latin American country, as the government continues to prepare for the launch of its highly anticipated Bitcoin Volcano Bonds.

It’s not all sunshine and rainbows for El Salvador, however, as the nation faces the repayment of an $800 million loan as soon as January 2023, and the crypto market’s volatile conditions aren’t helping. But large players, such as e.g Morgan Stanley (NYSE: ) investment group, is “Bullish on El Salvador” bonds, while Minister Alejandro Zelaya is apparently unconcerned about the drop in Bitcoin’s (BTC) price.

MORGAN STANLEY: We are bullish on bonds in El Salvador.

— Bitcoin Archive (@BTC_Archive) August 2, 2022

At press time, the leading crypto asset is trading at $24,092.26, according to CoinGecko. Bitcoin (BTC) has been climbing in the green, registering gains of 4.5% over the past 24 hours, and a solid 10.2% gain over the past 30 days. However, the father of all cryptos is still licking its wounds after the crypto winter, and is down 46% in annual terms.

On the other side

• The agreement with the International Monetary Fund (IMF) may not be enough to save El Salvador.
• Gang in Brazil is arrested for money laundering and illegal mining of gold using crypto.
• El Salvador is facing a huge deficit due to the recent crypto crash.

Why you should care

Due to the growing correlation between crypto and the tourism industry, the tourism economy is rapidly on the rise. Some travel agencies are building on their crypto-focused philosophy, while established crypto hubs such as Cyprus and Portugal are already listed among the most visited locations.

Read more about El Salvador’s plan to buy back its own debt ahead of the Volcano bond launch.

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