Banco Santander points out that Bitcoin is responsible for the growth of El Salvador

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Banco Santander points out that Bitcoin is responsible for the
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Banco Santander points out that Bitcoin is responsible for the growth of El Salvador
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THE Banco Santander pointed out the fundamental role that Bitcoin plays in El Salvador’s economic growth. The Central American country has attracted an impressive number of tourists, especially from the United States, thanks to the combination of its dollarized economy, improvements in infrastructure and security, and the pioneering adoption of Bitcoin as legal tender.

According to a report from Santander US Capital Markets LLC, released by Salvadoran President Nayib Bukele, Bitcoin is one of the factors that are transforming El Salvador into a highly attractive tourist destination.

“El Salvador is the country of Bitcoin, and the tourism numbers prove it,” declared the country’s National Bitcoin Office.

Additionally, international events related to cryptocurrency, such as the Bitcoin golf tournament organized by Max Keizer and Stacy Herbert, have attracted hundreds of visitors, many of them traveling to the country for the first time.

Bitcoin Boosts El Salvador

The World Tourism Organization also highlighted El Salvador as the fastest growing destination in the Western Hemisphere in 2023.

Another factor contributing to the tourist boom is the notable crime reduction. The Santander report shows that daily homicide rates in El Salvador fell to almost zero in 2024, compared to the peak of 6,656 homicides recorded in 2015. This improvement has created a safer environment, essential for attracting tourists and strengthening the local economy.

Furthermore, the development of the ecotourism has expanded options for visitors, consolidating the country as a competitive destination in relation to neighbors such as Costa Rica and Panama.

In 2024, El Salvador welcomed almost 4 million tourists, with tourism revenue representing an impressive 11% of GDPexceeding the regional average.

Banco Santander believes that tourism is the logical engine for sustainable economic growth in El Salvador. Bitcoin adoption continues to attract tourists and investors, putting the country on the global radar. Furthermore, the bank predicts that the evolution of tourism could lead to an improvement in the country’s credit rating, further boosting investment flows.

Banco Santander points out that Bitcoin is responsible for the growth of El Salvador

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Banco Santander points out that Bitcoin is responsible for the growth of El Salvador

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Banco Santander points out that Bitcoin is responsible for the growth of El Salvador

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