President Nayib Bukele said Bitcoin has recovered and that the asset in El Salvador has increased tourism by 95%.
El Salvador’s President Nayib Bukele has revealed that the country’s tourism industry has grown by 95% since adopting Bitcoin as an official payment method.
He criticized some central banking institutions, including the Federal Reserve, claiming that their policies have laundered a large portion of people’s savings. As a result, Bukele expects many Westerners to focus on decentralized financial instruments.
“We did some rebranding”
El Salvador’s political leader outlined the most important advantages that adopting Bitcoin as legal tender brings to his country in a recent interview. First, it makes the Latin American country more attractive to tourists, increasing tourism by about 95%.
“We’ve had a 95% increase in tourism, partly because of Bitcoin. There are a lot of Bitcoin enthusiasts who want to go to countries where Bitcoin is legal tender, and we have Bitcoin conferences.”
El Salvador’s Minister of Tourism, Morena Valdez, said nearly a year ago that local tourism grew 30% in the first three months after adopting BTC. She explained that the country is very popular with Americans, who make up 60% of all visitors.
Bukele insisted during his court appearance that El Salvador has received “significant private investment” since joining the Bitcoin bandwagon.
The 41-year-old politician argues that one of the most fundamental benefits of the initiative is the "reinvention" of the country's heritage. The small Central American state was initially considered one of the most violent places in the world, reaching a peak of 103 homicides per 100,000 inhabitants a few years ago.
Opposition to central banks
Bukele also criticized the actions of many central banks, including the Federal Reserve, accusing them of devaluing people’s wealth and wiping out their savings.
In his view, consumers in the Western world have realized that dealing with centralized financial institutions is not worth it and will soon turn back to the DeFi space.
He praised Bitcoin's global distribution and potential to address economic inequality, claiming it is popular even in countries where authorities have previously banned its use.
“You can’t ban it, it’s uncensorable.”
Tron founder Justin Sun recently said that many Chinese residents are still interested in the cryptocurrency industry despite the government’s ban on such activities in 2021. He went even further and predicted that his project’s native token, TRX, could become legal tender in the most populous country.
