According to the President of El Salvador, Nayib Bukele, the country’s economy has experienced a significant boost thanks to the recent legalization of bitcoin, resulting in a 95% increase in the tourism sector.
In an interview, Bukele mentioned that the move to make bitcoin a legal tender has made the country more appealing to tourists, especially bitcoin enthusiasts who want to transact in the cryptocurrency.
As a result, El Salvador has been attracting numerous private investments and hosting conferences dedicated to cryptocurrency.
The adoption of bitcoin has also had a positive impact on the country’s reputation as it has “rebranded” itself from being one of the most dangerous places in the world a few years ago to a promising destination for tourists and investors alike.
Bukele has been vocal about his criticism of central banks such as the US Federal Reserve, citing their policies as “eating away” at people’s savings.
He hopes that Western governments will shift their focus towards decentralized financial instruments like bitcoin, which has the power to eliminate economic disparity.
The President of El Salvador expressed his confidence in the cryptocurrency, stating that it cannot be banned or censored, making it increasingly popular even in countries where it was previously prohibited.
Despite the country’s post-bitcoin gains, Bukele criticized the media for ignoring El Salvador’s progress and predicted its bankruptcy.