El Salvador’s US ambassador credits Bitcoin with reversing social decline
In a recent tweet, El Salvador’s ambassador to the United States, Milena Mayorga, said the country is about to turn around in social fortunes. He later attributed this to improved “security measures” and Bitcoin.
“We are ridding ourselves of the plague that has plunged us into poverty for decades.“
Bitcoin is more than financial
The Central American nation made history on September 7, 2021 by becoming the first sovereign nation to make Bitcoin legal tender.
Despite a barrage of criticism – including from the IMF and the World Bank – President Bukele has held the line and continued to support the “Bitcoin experiment.”
Since the legal tender law was passed, BTC has lost around 60% of its value. And with an average purchase price of $45,000, El Salvador is down roughly $56.4 million, giving critics further fuel to decry the move, especially as the funding came from public coffers.
In response, El Salvador’s finance minister, Alejandro Zelaya, said the plan is on track, but people should not expect overnight results. He believes the skeptics will change once the technology is accepted.
On the back of the Bitcoin experiment, tourists have flocked to El Salvador. According to the Ministry of Tourism, the number of visitors in the first half of 2022 came to 1.1 million – just slightly below the 1.2 million who visited during the whole of 2021.
Tourism drives social renewal
Mayorga’s recent tweet was accompanied by a United Nations World Tourism Organization chart showing the top performing tourist destinations for revenue in the first five months of 2022.
El Salvador ranked thirteenth of the fifteen countries listed, with a +6% gain in tourism revenue compared to 2019 figures.
The ambassador to the United States said that these data are proof that El Salvador has turned the corner regarding social decline. All the while “also achieve financial freedom.”
“El Salvador finally achieves true independence from crime and extortion while achieving economic freedom.“
According to Mayorga, significant factors in the reversal were better security measures, Bitcoin and the Surf City project, which promotes El Salvador’s many surfing hotspots in El Zonte, El Tunco and Las Floras, among many others.
Our security measures, along with #bitcoin and @surfcity the project has allowed national and international tourism to grow continuously.
Source 👉🏻 @UNWTO https://t.co/UKLD8vq5nU
— Milena Mayorga (@MilenaMayorga) 18 August 2022
In accordance Bitcoin Magazinethe country is on track to earn $99 million more from tourism this year compared to 2019 – which is almost double the current unrealized BTC loss.
