El Salvador’s US Ambassador credits Bitcoin with reversal of social decline
In a recent tweet, El Salvador’s ambassador to the United States said, Milena Mayorga, said the country was undergoing a turnaround in social fortunes.he later Attribution This improved “security measures” and bitcoin.
“We are freeing ourselves from the plague that has impoverished us for decades.“
Bitcoin is more than finance
The Central American country made history by becoming the first sovereign nation to adopt Bitcoin as legal tender on September 7, 2021.
Despite an influx of criticism from the IMF, World Bank and others, President Bukele has stuck to his policy and continued to support the “bitcoin experiment.”
BTC has lost about 60% of its value since the fiat currency law was passed. And El Salvador, whose average purchase price of $45,000 is down about $56.4 million, has critics increasingly criticizing the move, especially since the money came from public funds.
In response, El Salvador’s Finance Minister Alejandro Zelaya said the plan was on track, but people shouldn’t expect results overnight. The commentator believes it will tip over.
Behind the Bitcoin experiment, tourist Flocking to El Salvador. According to the Ministry of Tourism, visitor numbers for the first half of 2022 were his 1.1 million, just below his 1.2 million for the whole of 2021.
Tourism drives social revitalization
Mayorga’s recent tweet was accompanied by a United Nations World Tourism Organization chart showing the top-grossing tourist destinations in the first five months of 2022.
El Salvador ranks 13th out of 15 countries on the list, with a 6% increase in tourism receipts over the 2019 figure.
The ambassador to the United States said the data was proof that El Salvador was out of the woods when it came to social decline. All the while “achieving financial freedom as well.”
“El Salvador is finally achieving true independence from crime and extortion while achieving economic freedom.“
Key factors in the reversal, according to Mayorga, are better security measures, Bitcoin, and surf city projectEl Zonte, El Tunco, Las Flora and many other surfing hotspots in El Salvador.
Our security measures are #bitcoin and the @Surf City The project has allowed domestic and international tourism to grow continuously.
source 👉🏻 @UNWTO https://t.co/UKLD8vq5nU
— Milena Mayorga (@MilenaMayorga) August 18, 2022
according to Bitcoin magazine, the country is expected to earn $99 million more from tourism this year compared to 2019. This is almost double the current unrealized BTC loss.
