El Salvador’s bitcoin legal tender boosts tourism by 95%, President says
According to Bukele, tourism has increased by 95% since the country adopted Bitcoin. This significant figure highlights the potential benefits of embracing cryptocurrencies as legal tender.
By Anna B Kiwanuka
On June 5, 2021, El Salvador’s president, Nayib Bukele, revealed a plan to make Bitcoin the country’s official currency. As a result, El Salvador became the first nation to accept Bitcoin as a legal currency.
It was widely recognized as the first time a country used a volatile currency as legal tender. However, many slammed Bukele’s move, stating that it would increase money laundering and illicit behavior.
Bukele, who recently spoke on Tucker Carlson Today about various topics, including the advantages of legalizing Bitcoin, has a different viewpoint on this. The noticeable increase in tourism to the nation was one of the main advantages emphasized by Bukele.
Speaking of legalizing Bitcoin in the country, Bukele stated that it definitely had some advantages in the new economic system that is in the works. Bukele also mentioned that legalizing BTC has also increased tourism by 95%.
The president of El Salvador went on to discuss further advantages, such as private investments, as well as how the nation was drawing Bitcoiners due to numerous conferences, with the legalization of BTC serving as the main driver.
By accepting and legalizing the king of cryptocurrencies, Bukele also gained the backing of the Bitcoin community. Even though he faced a lot of criticism for his choice, other nations are starting to recognize the potential of cryptocurrencies. This is clear from the attitudes and progress made by different countries in embracing blockchain technology and cryptocurrencies.