El Salvador Transforms Its Tourism Sector Thanks to Bitcoin

According to the latest report from Santander Bank, a major player in the Spanish financial sector, El Salvador welcomed nearly 4 million visitors over the past year—a remarkable 22% increase from the previous year and nearly double the number from a decade ago.

What has driven this transformative change? The answer lies in several factors, but two stand out: an extraordinary improvement in security and Bitcoin.

From a country that recorded over 6,600 homicides in 2015, El Salvador has transformed into a surprisingly safe destination, with only 114 homicides reported in 2024. Notably, December 2024 saw just one homicide—a clear testament to the country’s dramatic security overhaul.

Additionally, the wave of tourists visiting El Salvador has been fueled by a unique factor: Bitcoin. Since becoming the first country to recognize Bitcoin as legal tender, El Salvador has captured the attention of the global tech and financial communities. This includes a surge in visitors from the United States, many of whom are eager to witness firsthand the world’s first nation to adopt cryptocurrency.

El Salvador’s success becomes even more striking when compared to its neighbors. With nearly 4 million visitors, it has outpaced traditional tourist hotspots like Costa Rica, Guatemala, and Panama, which each attract around 3 million visitors annually.

Related: El Salvador Aims to Build a Bitcoin City

However, the road ahead is not without challenges. A new $1.4 billion agreement with the IMF requires adjustments to the country’s cryptocurrency policies. Bitcoin usage in the private sector will become more voluntary, and the Chivo wallet—an essential tool in El Salvador’s financial digitalization strategy—may undergo changes in the future.

Despite these challenges, El Salvador remains steadfast in its Bitcoin accumulation strategy. With a current reserve of 6,024 Bitcoins, valued at approximately $569 million, and a policy of daily purchases, the nation continues to demonstrate its unwavering confidence in the future of cryptocurrency.