Tourism in El Salvador up 30% since Bitcoin adoption, minister says

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El Salvadorโ€™s adoption of Bitcoin (BTC) as legal tender in September 2021 has triggered a notable surge not only for its gross domestic product but also for the local tourism development.

According to El Salvadorโ€™s tourism minister Morena Valdez, the tourism industry in El Salvador surged more than 30% since the adoption of the Bitcoin law in September 2021.

โ€œWe did a poll to check the activity according to the before and after of Bitcoin. The tourism sector increased in November and December. This increased by more than 30%,โ€ Valdez said in an interview with the local news agency El Salvador News English on Monday.

Valdez noted that El Salvadorโ€™s Bitcoin adoption has also impacted the flow of tourist visits, increasing the number of tourists coming from the United States. Prior to the Bitcoin law enforcement, the majority of visitors were coming from neighboring countries in the Central American isthmus. Now, as many as 60% of tourists come from the United States, she said.

The minister added that El Salvadorโ€™s tourism growth has exceeded the governmentโ€™s expectations, reaching 1.4 million visitors instead of 1.1 million tourists.

โ€œWe had projected $800,000 in foreign exchange but we obtained more than $1,400 million of income in foreign currency,โ€ Valdez stated.

Related: Pro-Bitcoin president of El Salvador to offer citizenship for foreign investors

The news comes shortly after Salvadoran President Nayib Bukele announced thatย El Salvadorโ€™s GDP grew 10.3% in 2021. The country’s exports, a major driver of economic growth, have also increased 13% year-over-year in January 2022.