On June 5, 2021, El Salvador's president, Nayib Bukele, revealed a plan that would make Bitcoin the country's official currency. El Salvador became the first country to recognize Bitcoin as legal tender as a result. Commenting on the country's legalization of Bitcoin, Bukele said that it undoubtedly has certain benefits in the new economic system that is being developed as legalizing Bitcoin has helped the tourism industry grow by 95%.