El Salvador's bold move to adopt Bitcoin as legal tender appears to be paying off, with tourism numbers reaching new heights. According to a recent Santander report, the Central American nation welcomed 3.9 million visitors in 2024, marking a 22% increase from the previous year.
The country's tourism sector has shown remarkable growth, with visitor numbers nearly doubling compared to 2013-2016 levels. This surge places El Salvador ahead of regional competitors like Costa Rica, Guatemala, and Panama, which average 3 million annual visitors each.
Multiple factors have contributed to this tourism boom. The country has made substantial progress in public safety, with annual homicides plummeting from 6,656 in 2015 to just 114 in 2024. December 2024 saw only one homicide incident, highlighting the dramatic improvement in security conditions.
The influx of visitors includes "Bitcoin novelty tourists" from the United States, drawn by the country's cryptocurrency-friendly environment. Additionally, improved security has encouraged Salvadorans living abroad, particularly in the US, to return home to visit family members.
Enhanced infrastructure and increased mobility have also boosted ecotourism opportunities across the country. According to Santander, Spain's largest bank, continued growth in tourism could attract additional investment and strengthen El Salvador's economy, potentially improving its credit rating from B to BB category.
The combination of innovative financial policies, improved security, and infrastructure development has positioned El Salvador as an emerging tourism destination in Central America. As visitor numbers continue to climb, the country's decision to embrace cryptocurrency appears to be yielding positive results for its tourism sector.