The President of El Salvador – Nayib Bukele – announced that the country’s tourism sector has increased by 95% since it embraced bitcoin as an official currency.
He criticized some central banking institutions, including the Federal Reserve, claiming that their policies have washed away much of people’s savings. As such, Bukele expects many individuals from the West to turn to decentralized financial instruments.
‘We’re getting some rebranding’
The political leader of El Salvador outlined in a recent interview, the main benefits of adopting bitcoin as legal tender for his country. First, it made the Latin American country much more attractive to travelers, increasing tourism by about 95%.
“We increased tourism by 95%, and that’s partly because of bitcoin. There are many bitcoiners who want to go to the country where bitcoin is legal tender, we have bitcoin conferences.”
The Minister of Tourism of El Salvador – Morena Valdez – said nearly a year since the local tourism industry surged 30% in the first three months of BTC adoption. She explained that the country 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 argued that one of the most fundamental benefits the initiative has brought is the “rebranding” of the country’s legacy. The small Central American state was best known as one of the most violent places in the world, reaching a high of 103 homicides per 100,000 residents a few years ago.
Against Central Banks
Bukele also criticized the actions of numerous central banks such as the US Federal Reserve, blaming them for devaluing people’s wealth and erasing their savings.
According to him, consumers in the Western world have already realized that doing business with centralized financial institutions is not worth it and will soon refocus on the DeFi sector.
He praised bitcoin for its global distribution and potential to solve economic inequality, claiming that it is popular even in countries where authorities have previously banned it.
“You can’t ban it. It cannot be censored.”
Tron founder Justin Sun recently suggested that many Chinese residents remain intrigued by the cryptocurrency industry, even though the government banned such activities in 2021. He went even further, to predict the original token of his project – TRX – could become legal tender in the most populous country.
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