El Salvador is redefining its tourism sector, with a remarkable increase in visitor numbers that not only overcomes past security issues but also outshines its regional counterparts.
Tourism Growth and Safety Improvements
According to a recent report from Santander, the premier banking institution in Spain, El Salvador welcomed around 3.9 million tourists in 2024—a striking 22% rise from the previous year. This surge represents almost double the number of tourists that visited the country between 2013 and 2016.
A big part of this growth can be attributed to significant improvements in safety. The report notes that only one homicide was recorded in December 2024, contributing to a total of just 114 homicides for the entire year—an astonishing drop from the horrific 6,656 incidents reported in 2015.
Moreover, better infrastructure and enhanced accessibility are further enhancing the ecotourism appeal, effectively positioning the country as an attractive destination for travelers.
Bitcoin-Driven Tourism
The influx of tourists from the United States has notably increased, with many drawn by the unique allure of Bitcoin tourism. Alongside this, improved security conditions are encouraging Salvadorans living abroad, particularly those in the U.S., to return and visit their families, enriching the overall tourism experience.
When compared to neighboring countries like Costa Rica, Guatemala, and Panama—each attracting around 3 million visitors annually—El Salvador’s remarkable tourism growth is particularly impressive. As this sector continues to expand, it is expected to attract additional investment, bolstering the national economy. The Santander report highlights that the tourism industry holds untapped potential for growth, which could ultimately lead to an upgrade in the country’s credit rating from B to BB.
Revising Cryptocurrency Policies
Under President Nayib Bukele’s leadership, El Salvador has been at the forefront of Bitcoin adoption, pushing for its use across the nation. This has included the introduction of the Chivo cryptocurrency wallet, marking the country as a unique destination for crypto enthusiasts.
However, a recent agreement with the International Monetary Fund (IMF) may impose certain limitations on how Bitcoin can be integrated into everyday economic practices. As part of a $1.4 billion loan arrangement, the decision for the private sector to accept Bitcoin will become a matter of choice, and the government’s involvement in cryptocurrency initiatives will be curtailed. Plans to phase out the Chivo wallet, designed to facilitate Bitcoin transactions and promote financial inclusion, are now on the horizon.
Despite the shifting landscape of the cryptocurrency market, El Salvador continues its daily purchase of Bitcoin. According to data from Arkham Intelligence, the country has amassed 6,024 BTC, which equates to approximately $569 million. Recently, El Salvador fortified its strategic reserves with the addition of 11 BTC, valued at around $1 million.
With each of these moves, El Salvador is not just keeping pace with its regional and global peers but is actively shaping its identity in the world of tourism and cryptocurrency.
Source: CryptoBriefing
