In a later statement, he attributed this success to improved "security measures" as well as Bitcoin.
"We are now freeing ourselves from the scourge that has kept us mired in poverty for the better part of a century."
Bitcoin Is Much More Than You Might Imagine It To Be.
The Central American nation made history on September 7, 2021, when it became the first sovereign state in the world to publicly recognize Bitcoin as a legitimate form of currency.
In spite of extensive criticism, most notably from the International Monetary Fund and the World Bank, President Bukele has not budged from his position and maintains to express his support for the "Bitcoin experiment."
Since the passage of the medium of exchange act, the price of BTC has decreased by over 60 percent. And with an average purchase price of $45,000, El Salvador has lost about $56.4 million as a result, adding fuel to the fire of opponents, especially considering the fact that the payment originated from public funding.
Alejandro Zelaya, the Minister of Finance in El Salvador, provided a comment in which he claimed that the strategy is on the correct track, but that people should not expect results immediately. He is of the opinion that those who are skeptical will eventually come around if the technology is accepted.
As a direct outcome of the Bitcoin experimentation, an influx of tourists has recently been observed in El Salvador. According to the Ministry of Tourism, the number of visitors who visited the country in the first half of 2022 was 1.1 million, which is only slightly less than the 1.2 million people who came for the entire year of 2021.
Tourism Is The Engine That Drives Social Regeneration
The most recent tweet that Mayorga posted was accompanied by a graphic that was provided by the United Nations World Tourism Organization. This graphic displayed the top-earning tourist hotspots for the first five months of 2022.
The United Nations World Tourism Organization ranked El Salvador thirteenth out of fifteen countries, with a +6% rise in tourism receipts during the course of 2019.
The data demonstrates, in the words of El Salvador's Ambassador to the United States, that the country has turned a corner in terms of the societal depravity that has been plaguing it. While simultaneously "achieving economic independence."
"El Salvador is finally making significant progress toward attaining full independence from crime and extortion, in addition to making significant progress toward obtaining economic equality."
According to Milena Mayorga, El Salvador's Ambassador to the United States, good security methods, Bitcoin, and the Surf City program, which showcases El Salvador's various surfing sites like El Zonte, El Tunco, and Las Floras, among others, were major reasons in the turnaround.
According to Bitcoin Magazine, the administration is projected to make an additional $99 million from tourists this year compared to what it did in 2019, which is around nearly twice anticipated loss in BTC at