According to a new report published by the World Tourism Organization (WTO), only been a small number of countries around the world have been able to bounce back to pre-pandemic levels of tourism to date. It seems that planning ahead has finally borne fruit for El Salvador, as the small Latin American country seemingly has Bitcoin (BTC) to thank for the achievement.
President of El Salvador Nayib Bukele pinpointed the three elements that have contributed towards the country’s success in international tourism, which are as follows:
Just last week, Milena Mayorga, El Salvador’s ambassador in the U.S., disclosed that the Bank of the Future, a cryptocurrency investment firm, was planning to enter the country’s market and with an investment of $6 billion. The move could prove to be a game changer for the Latin American country, as the government is still preparing to launch its highly-anticipated Bitcoin Volcano Bonds.
However, it is not all sunshine and rainbows for El Salvador, as the nation has the repayment of an $800 million loan looming over it in as soon as January 2023, and the crypto market’s volatile conditions are not helping. However, big players, such as the Morgan Stanley (NYSE:MS) investment group, are “Bullish on El Salvador” bonds, while minister Alejandro Zelaya is seemingly unconcerned by the decline in Bitcoin’s (BTC) price.
On the Flipside
Why You Should Care
Due to the rising correlation between crypto and the travel industry, tourism economics are fast recovering. Some travel agencies are building on their crypto-focused philosophy, while established crypto hubs like Cyprus and Portugal are already listed among the top visited locations.
Read more about El Salvador’s plan to repurchase its own debt before the launch of the Volcano bonds.
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