While Salvadorans have not adopted BTC as a means of payment, financial flows linked to BTC-related tourism have increased considerably (the decline in crime also inevitably brings more tourists).
El Salvador's tourism industry has grown significantly and is reported to have increased by 30% in 2021 and 22% in 2024, contributing 11% to the country's GDP.
However, there are no reports that the increase in tourism is largely due to Bitcoin and the inflow is mainly from bitcoin payments. Because the adoption rate of bitcoin there is very low, not only do 85% of the people in the country not want to use bitcoin, but only 20% of businesses adopt bitcoin. With such low adoption, using bitcoin is not easy for tourists.
According to my research, the main factors driving their tourism industry include improved security, promotion of surfing
,and little to do with Bitcoin.
However, some
sources indicate the opposite.
Tourism in El Salvador has increased by 30% since bitcoin was introduced as legal tender. on Sept 7, 2021. The countrys Minister of Tourism revealed the information, saying that there was an increase in the Q4 2021, 300 million or so more than expected.
El Salvadors decision to make bitcoin legal tender has paid off as far as tourism is concerned. The law has increased tourism by 30%, according to local media reports on Feb 21. The report said that the tourism sector is one of the most important items for the countrys economic growth with President Nayib Bukele placing it as the second economic boost for 2022.
It appears that making bitcoin legal tender has put El Salvador on the map of tourists, with foreign tourists outside of the continent increasing. Previously, many of the tourists would come from neighboring countries in Central America. Tourists from the United States make up 60% of the figure.
Minister of Tourism Morena Valdez said that the sectors bounceback following the pandemic has exceeded expectations. The government aimed for 1.1 million visitors, hitting a target of 1.4 million instead. Valdez said,
We did a poll to check the activity according to the before and after of Bitcoin. The tourism sector increased in November and December. This increased by more than 30%.
The local population isn't going to change their habits overnight, not to mention the logistical equipment needed to understand and adopt Bitcoin. A reliable internet network, PCs or smartphones, as well as educational materials. Regarding educational materials, there are very comprehensive and free training courses like "Mi Primer Bitcoin."
It takes time; it's clear that even in countries with access to everything, like in Europe (equipment and information), a very large percentage of the population is not interested in Bitcoin (and even has no idea what it is).
I also note that the Kingdom of Bhutan began accumulating BTC (around 2019, I believe) without even informing its population at first.
For those who have already tried to orange pill friends or family, it's extremely difficult because people aren't ready to change their habits, whether they are educated or not. So changing the habits of an entire population that doesn't necessarily have access to information is a huge challenge and takes time.
But accumulating Bitcoin in the national treasury, as large private companies are doing, is already a good starta very good one, even.
