A new report by Santander US Capital Markets LLC, a subsidiary of global banking giant Banco Santander, sheds light on how El Salvador's adoption of Bitcoin as its official currency has led to a surge in tourism.
The report, published on January 10, highlights the interaction between the country’s cryptocurrency policies and its growing appeal as a travel destination, positioning El Salvador as a global hotspot for Bitcoin enthusiasts.
The report, shared by Salvadoran President Nayib Bukele and the government-backed Bitcoin Office on social media platform X, shows the country’s record-breaking tourism growth. According to Salvadoran authorities, the number of tourists arriving in the country in 2024 is expected to reach 3.9 million, up 22% from the previous year.
The report attributes much of this growth to Bitcoin’s innovative appeal as a fiat currency and its appeal to visitors, particularly from the United States, who want to experience Bitcoin transactions integrated into daily life.
Santander’s analysis also links the tourism boom to a sharp drop in crime rates, with just 114 homicides in El Salvador in 2024, a dramatic drop from 6,656 in 2015.
The report highlights the economic importance of El Salvador’s tourism growth. In the first half of 2024, tourism is projected to account for 11% of the country’s GDP, outpacing regional rivals such as Costa Rica, where tourism contributes 5% of GDP.
*This is not investment advice.