Milena Mayorga El Salvador’s Ambassador to the United States, recently tweeted that the country’s socioeconomic fortunes are improving. Later, he ascribed this to better “security measures” and Bitcoin.
“We are ridding ourselves from the plague that has submerged us in poverty for decades.“
Bitcoin Is More Than You Think
On September 7, 2021, the Central American country became the first sovereign state to formally recognize Bitcoin as legal money, making history.
Despite widespread condemnation, notably from the IMF and the World Bank, President Bukele has maintained his stance and continues to support the “Bitcoin experiment.”
BTC has lost almost 60% of its value since the legal tender act became law. And, with an average purchase price of $45,000, El Salvador is out nearly $56.4 million, adding fuel to critics’ fire, especially given that the cash came from public funds.
In response, El Salvador’s Finance Minister, Alejandro Zelaya, stated that the plan is on track, but that people should not expect results right once. He believes that once the technology is acknowledged, the skeptics will change their minds.
Tourists have started flocking to El Salvador as a result of the Bitcoin experiment. According to the Ministry of Tourism, the number of tourists in the first half of 2022 was 1.1 million, just shy of the 1.2 million that visited in the entire year of 2021.
Social Regeneration Driven By Tourism
Mayorga’s latest tweet was accompanied by a graphic from the United Nations World Tourism Organization displaying the top-earning tourist destinations in the first five months of 2022.
El Salvador was rated thirteenth out of fifteen nations, with a +6% increase in tourism receipts over 2019.
According to El Salvador’s Ambassador to the United States, this data shows that the country has turned the corner in terms of social degradation. While also “reaching economic freedom.”
“El Salvador is finally achieving true independence from crime and extortion, while also achieving economic freedom.“
Better security measures, Bitcoin, and the Surf City initiative, which promotes El Salvador’s several surfing locations like El Zonte, El Tunco, and Las Floras, among others, were important reasons in the turnaround, according to Milena Mayorga El Salvador’s Ambassador to the US.
El Salvador is finally achieving true independence from crime and extortion, while also achieving economic freedom.
We are ridding ourselves from the plague that has submerged us in poverty for decades. pic.twitter.com/FMg108e1va
— Milena Mayorga (@MilenaMayorga) August 18, 2022
The government is expected to make $99 million more from tourists this year than it did in 2019 according to Bitcoin Magazine, which is about double the unrealized BTC loss at the moment.
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