President Bukele explains how El Salvador benefited from legalizing Bitcoin
The President of El Salvador – Nayib Bukele – revealed that the country’s tourism sector has increased by 95% since it embraced bitcoin as an official means of payment.
He criticized some central banking institutions, including the Federal Reserve, claiming that their policies have washed away a large portion of people’s savings. As such, Bukele expects many individuals from the West to focus on decentralized financial instruments.
“We’re getting some rebranding”
El Salvador’s political leader outlined in a recent interview the main benefits that adopting bitcoin as a legal tender brought to his nation. First, it made the Latin American country much more attractive to travelers, increasing tourism by about 95%.
“We have increased tourism by 95% and it is partly because of bitcoin. There are many bitcoiners who want to travel to the country where bitcoin is legal tender, we have bitcoin conferences.”
El Salvador’s Minister of Tourism – Morena Valdez – so almost a year ago that the local tourism industry went up 30% in the first three months after embracing BTC. She explained that the nation has become very popular with Americans, who accounted for 60% of all visitors.
Bukele claimed in his appearance that El Salvador has received “a lot of private investment” since jumping on the bitcoin bandwagon.
The 41-year-old politician claimed that one of the most fundamental benefits brought about by the initiative is to “rebrand” the country’s heritage. The small Central American state was primarily known as one of the most violent places on the globe, peaking at 103 murders per 100,000 residents a few years ago.
Against central banks
Bukele also criticized the actions of a number of central banks, such as the US Federal Reserve, accusing them of devaluing people’s wealth and erasing their savings.
In his view, consumers in the Western world have already realized that it is not profitable to deal with centralized financial institutions and will soon reorient themselves towards the DeFi sector.
He praised bitcoin for its global distribution and potential to fix economic inequality, claiming that it is even popular in countries where governments have previously banned it.
“You can’t ban it. It is uncensorable.”
Tron’s founder – Justin Sun – recently suggested that many Chinese citizens remain fascinated by the cryptocurrency industry, even though the government banned such activities in 2021. He went even further, predict the original token of his project – TRX – may become legal tender in the most populous country.
