Nayib Bukele, the President of El Salvador has recently shared their achievement after the adoption of Bitcoin (BTC).
It was back in 2021 when Bukele had Bitcoin accepted as the legal tender in the country. Since then, the country has been making a lot of progress, which is very promising for the expansion of cryptocurrencies in the country.
Tourism is Surging in El Salvador
Bukele has recently revealed that due to the adoption of Bitcoin, their country has recorded a tremendous rise in tourism.
He has revealed that tourism in their country has surged by 95% ever since they adopted Bitcoin as a legal tender.
The reason why the country has seen a surge in tourism is that they are now accepting Bitcoin as a mode of payment.
Even after spending over a decade, not many countries have adopted cryptocurrencies as a payment method.
This is mainly because of the regulatory confinements and restrictions that have been imposed on the crypto firms and financial service providers.
While most countries are still waiting to adopt cryptocurrencies, El Salvador has legalized them as a mode of payment.
Bukele has revealed that their tourism has surged by 95% ever since they adopted Bitcoin. In recent years, people have grown more adaptive toward cryptocurrencies.
Bitcoin is growing in Demand and Adoption
Looking at the financial market trends and preferences, most online firms have started to adopt cryptocurrencies. Compared to most cryptocurrencies, online firms prefer adopting Bitcoin.
This is because users from around the world feel safe making payments with Bitcoin if they have to do it. Therefore, it could be said that Bukele is among the people who had a far sight and knew where Bitcoin was going to be in the future.
The tourism surge Bitcoin adoption has brought to El Salvador is the perfect demonstration of people’s opinions and preferences about Bitcoin and altcoins.
People are Unhappy
For decades, traditional financial institutions have continued washing out the savings of people. Even the Feds have added their fair share of causing a major dent and decline in the savings of the locals.
Bukele criticized the traditional financial institutions and the Feds for the same reasons. He stated that he is confident that the countries in the west will soon realize where they have gone wrong.
They need to understand what traditional financial institutions and their policies lack. They have failed to facilitate the people who have contributed the most with taxes and in other ways.
Instead, it is just the rich and the wealthy that have been blessed by the governments and traditional financial institutions.
He said that he is glad that he has been able to take an initiative and spread it across the nation. He wants the same initiative to be driven across the globe and wants other nations to participate in the mission as well.
He added that the west has the technology and the resources to excel in the world of decentralization. They can introduce the best, most advanced, and most useful instruments to the users in the decentralized finance sector.
Benefits for El Salvador
Bukele laid out the benefits his country has enjoyed ever since they legalized Bitcoin.
After legalizing Bitcoin, El Salvador has rebranded itself being a highly attractive tourism country. Another major benefit is the investments coming in from international businesses.
International companies and businesses now want to adopt cryptocurrencies and El Salvador is the best hub for that.
The legacy of the country is also changing as it is becoming a peaceful country after being labeled as violent for years.
Their country and its success is also turning out to be a huge encouragement for other countries. Panama, Brazil, Argentina, Venezuela, and many more countries now want to legalize crypto.