El Salvador’s US Ambassador attributes the reversal of social decline to Bitcoin

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Last Updated on August 21, 2022 by Bitfinsider

On September 7, 2021, the Central American country made history by becoming the first sovereign nation to make Bitcoin legal tender.

Despite widespread condemnation, including from the IMF and the World Bank, President Bukele has maintained his stance and continued to support the “Bitcoin experiment.”

BTC has lost roughly 60% of its value since the legal tender act became law. And, with an average purchase price of $45,000, El Salvador is down approximately $56.4 million, adding fuel to critics’ fire, especially given that the funding came from public coffers.

In response, El Salvador’s Finance Minister, Alejandro Zelaya, stated that the plan is on track, but that people should not expect results right away. He believes that once the technology is accepted, the skeptics will change their minds.

Tourists have been flocking to El Salvador as a result of the Bitcoin experiment. According to the Ministry of Tourism, the number of visitors in the first half of 2022 was 1.1 million, just shy of the 1.2 million who visited in the entire year of 2021.

Mayorga’s recent tweet was accompanied by a chart from the United Nations World Tourism Organization displaying the top-earning tourist destinations in the first five months of 2022.

El Salvador was ranked thirteenth out of fifteen countries, with a +6% increase in tourism receipts over 2019.

Better security measures, Bitcoin, and the Surf City project, which promotes El Salvador’s numerous surfing hotspots in El Zonte, El Tunco, and Las Floras, among others, were significant factors in the reversal, according to Mayorga.


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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