The president of El Salvador, Nayib Bukele, revealed that the country’s tourism sector has increased by 95% since it adopted bitcoin as an official means of payment.
He criticized some central banking institutions, including the Federal Reserve, alleging that their policies have taken away a large part of people’s savings. As such, Bukele expects many people in the West to focus on decentralized financial instruments.
‘We have some rebranding’
El Salvador’s political leader border in a recent interview the most important advantages that the adoption of bitcoin as legal tender brought to your nation. First, he made the Latin American country much more attractive to travelers, boosting tourism by about 95%.
“We have increased tourism by 95%, and that is partly due to Bitcoin. There are many bitcoiners who want to go to the country where bitcoin is legal tender, we have bitcoin conferences.”
El Salvador’s Minister of Tourism – Morena Valdez – saying It’s been almost a year since the local tourism industry surged 30% in the first three months after adopting BTC. He explained that the nation has become very popular with Americans, who make up 60% of all visitors.
Bukele maintained in his appearance that El Salvador has received “a lot of private investment” since it got on the bitcoin bandwagon.
The 41-year-old politician argued that one of the most fundamental benefits that the initiative has generated is to “highlight” the country’s legacy. The small Central American state was primarily known as one of the most violent places in the world, reaching a peak of 103 murders per 100,000 residents a few years ago.
against central banks
Bukele also criticized the actions of numerous central banks, such as the United States Federal Reserve, blaming them for devaluing people’s wealth and wiping out their savings.
In his opinion, consumers in the Western world have already realized that dealing with centralized financial institutions is not worth dealing with and will soon refocus on the DeFi sector.
He praised bitcoin for its global distribution and its potential to correct economic inequality, saying it is popular even in countries where authorities have previously banned it.
“You can’t forbid it. It is unblameable.”
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: predicting His project’s native token, TRX, could become legal tender in the most populous country.
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