El Salvador has developed faster than other countries, Nayib Bukele has taken great steps against civil war and terrorists and has made huge progress in Bitcoin and agriculture, which has surprised the developed world.
People in rural areas of El Salvador were outside the banking system and they used to keep money under their mattresses but now they are starting to save with Bitcoin. You can cross the entire country in four hours and get to any meaningful place in 45 minutes, it amazes me. If I had a lot of money I would travel to El Salvador.
You will be amazed at the developments in El Salvador.First of all, there has definitely been a major change. El Salvador has become one of the safest countries in the Americas, which is honestly quite surprising.
The idea that everyday Salvadorans are saving in Bitcoin is interesting, but we should take it with a grain of salt. The reality is more complex. One of Bukeles main goals was to improve remittances, but that hasnt really happened. Remittances are a huge part of El Salvadors economy, and a lot of money is still lost to fees. That hasnt improved much (although it may not have gotten worse either.) From what I remember, Bitcoin transactions didnt even reach 2% of the total, but I could be wrong (thats just from memory.)
From reliable sources, I know that businesses accepting Bitcoin still exist, but the ecosystem hasnt really grown. Similar to remittances, its not getting worse, but its not improving either.
On the other hand, its a relatively cheap destination depending on where youre coming from. On average, a weekend trip can cost between $500* and $1,000*, depending on where you eat and stay. There are hotels starting at around $15 per night, which is incredible, although prices can vary. The most expensive part is usually the flight, which in the Americas typically ranges from $200 to $500.
Just to be clear, I dont want to come across as overly critical. Im actually someone who strongly supports and follows El Salvadors approach, as its been a pioneer in the region.
*Everyone who wants to support El Salvador, the only thing they have to have is the desire to go, in my case at least I have done the math, maybe it doesn't help much but I have studied what a trip of 3 days and two nights would be like.