El Salvador becomes a tourist hotspot despite Bitcoin bear market

El Salvador becomes a tourist hotspot despite Bitcoin bear market

El Salvador was the first country to make Bitcoin legal tender. This has helped them garner a lot of attention and resulted in the country becoming a tourist attraction. However, one might think that the crypto bear market would have made an impact on the number of visitors. But that’s not the case, as El Salvador saw a jump of 82.8% in tourism during the h1 of 2022 as compared to 2019.

El Salvador has become a tourist hotspot

El Salvador becomes a tourist hotspot despite Bitcoin bear market

The World Travel Organization recently reported that El Salvador saw one of the highest jumps in tourism recovery in 2022. In 2021, El Salvador had a total of 1.2 million visitors, which is a large number. However, this year’s first half almost topples it with 1.1 million visitors already. It shows that even if the Bitcoin bet of El Salvador as an investment hasn’t paid off yet, it has brought a lot of other benefits.

From normal citizens all around the world to famed people and bitcoiners have visited El Salvador or are planning to soon. An official from the Ministry of Tourism in the country said they expect around 57,000 visitors from other countries during the summer period and expect to generate $60 million from the same. It is quite an experience to see a country where crypto is a legal medium to make payments.

Before El Salvador adopted Bitcoin, hardly anyone knew about it. And now, it is one of the top tourist destinations, and its name is also engraved in history. However, it is just the beginning of El Salvador’s Bitcoin journey.

El Salvador’s Bitcoin city will be iconic

The Bitcoin city that Nayib Bukele is so excited about and has talked about so many times is what’s going to change the game. Bitcoin city will be located beside Conchagua Volcano on the southern side of El Salvador and will be powered by the volcano itself. The estimated cost to build this city is around $5-$10 billion, and El Salvador will be issuing Bitcoin bonds to make it happen. It will also become a hub for businesses as it will attract tourists, and there are reports that there will be zero tax.

What are your thoughts on El Salvador as it becomes a tourist hotspot despite the crypto bear market? And do you think their BTC investment is paying off well enough? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

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