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Tourism in El Salvador rises despite Bitcoin bear market



 El Salvador was the first country to adopt Bitcoin as legal tender. Although there have been many pessimistic predictions about the impact on the nation, things appear to be moving in an opposite direction.


El Salvador's tourism balance has shown a huge increase for the first half of 2022. According to government data, the country saw an 82.8% increase this year with up to 1.1 million visitors.


As a country that uses BTC as part of its bidding, the impact of the price should have affected such dates. But the increased result clouded Bitcoin's bearish trend, which plunged 50% since January 1, 2022.


The World Travel Organization (WTO) gave its assessment and confirmed El Salvador's tourism claims. WTO data places the country among top nations to have recovered well in tourism through January 2022.


The WTO report found that the best comparative results for 2019 came from Central American destinations. It highlighted El Salvador with an increase of over 81% compared to 2019 or pre-Covid pandemic levels.


Alex Bonilla, director general for strategic projects at the El Salvador Ministry of Tourism, expects even more tourists. In a radio interview, he said that the summer holidays bring even more tourists to the country.


Bonilla estimated that the country could have around 57,500 foreign visitors, surpassing the existing 1.2 million mark. He also mentioned that the government would generate about USD 60 million in foreign exchange from such visitors.


The high level of tourism in El Salvador contradicts Wall Street Journal reports. WSJ reported that El Salvador's intention to attract tourists by legalizing Bitcoin has not worked.


The country data on visits from the first half of 2022 has overtaken the total for 2019. Last year, the country recorded 1.2 million visits. However, it already has 1.1 million visits in the first six months of 2022.


Since Bitcoin has been used as a legal means of payment in El Salvador, thousands of Bitcoiners have been traveling to the country. These include Jeff Both (author of Price of Tomorrow), Obi Nwosu (CEO of Fedimint) and Samson Mow (CEO of Jan3).


Also, some bitcoin-centric companies are eager to support El Salvador's BTC decision and become successful. People like Max Keizer and Stacey Herbert are now based in El Salvador.

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