El Salvador’s President Nayib Bukele has revealed that the country’s tourism industry has grown by 95% since Bitcoin was adopted as an official payment method.
He criticized some central banking institutions, including the Federal Reserve, claiming that their policies have wiped out a large portion of people's savings. As a result, Bukele expects many Westerners to focus on decentralized financial tools.
In a recent interview, the political leader of El Salvador outlined the most important advantages to his country of adopting Bitcoin as legal tender. First, it made the Latin American country more attractive to tourists, boosting tourism by about 95%.
El Salvador’s Tourism Minister Morena Valdez said nearly a year ago that local tourism grew by 30% in the first three months after adopting BTC. She explained that the country is very popular with Americans, who account for 60 percent of all tourists.
Bukele insisted in his court appearance that El Salvador had received “substantial private investment” since jumping on the bitcoin bandwagon. The 41-year-old politician argued that one of the most fundamental benefits of the initiative was "reshaping" the country's heritage. The small Central American state was initially considered one of the most violent places in the world, peaking at 103 homicides per 100,000 residents a few years ago. Bukele also criticized the actions of numerous 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 field.
He praised Bitcoin's global distribution and potential to address economic inequality, claiming that it is popular even in countries where authorities had previously banned its use. Tron’s founder, Justin Sun, recently stated that despite the government’s ban on such activities in 2021, many Chinese residents are still interested in the cryptocurrency industry. He went further, predicting that his project’s native token TRX could become legal tender in most countries. densely populated country.
