How El Salvador’s Bitcoin-Powered Rebrand Restored Peace

El Salvador just reached a new milestone: over 1 million visitors to the Bitcoin country this year.

Nayib Bukele presenting a dreamy El Salvador with rainbow and pink clouds built on floating Bitcoin.
Created by Gabor Kovacs from DailyCoin
  • Tourism minister Morena Valdez unveils surprising stats.
  • The country’s violent crime rates have decreased considerably in recent times.
  • President Bukele’s BTC portfolio is up $849 million since DCA.

The self-fulfilling prophecy of a Bitcoin and Surf paradise is coming true in El Salvador, where tourists are reported to be flocking from the Americas and Europe. The small country’s tech-savvy leader President Nayib Bukele posted a celebratory video on Twitter regarding the unbelievably effective violent crime reduction in El Salvador.

“Indisputably the safest country in Latin America” has became a safe haven for crypto enthusiasts aspiring to develop Web3 businesses. The nation’s crypto hub ambitions come a year after being the first in the world to adopt Bitcoin as legal tender.

Earlier this month, pro-Bitcoin Bukele signed an unprecedented bill eliminating all taxes on technology. The digital assets law also opened the door to Volcano Bonds, the highly-anticipated Bitcoin-backed bonds.

On top of that, El Salvador’s Bitcoin journey rejected the myth that Bitcoin technology is solely for rich people. The developing Bitcoin Lightning system across the country gives financial freedom and equality to the people, creating job and education opportunities while making rural inhabitants’ everyday life considerably more manageable.

Bitcoin Brings Peace?

Previously stained with the status of the most violent country in the Western Hemisphere in 2015, when there were 6,640 recorded murders, the Salvadoran people asked for a change. The millennial ruler’s bold tactic of an all-out gang crackdown, which embodies that change, seems to be working.

El Salvador has reached the milestone of one million foreign visitors this year, according to Morena Valdez, the country’s Minister of Tourism. This is quite a reputational turnaround in a short space of time.

The recently built mega prison hosting 4,000 violent gang members is seen as a fair price to pay for the peaceful streets of San Salvador and the chill vibes of El Zonte, the famed Bitcoin Beach hyped by Max Keiser and Stacy Herbert.

Nayib Bukele’s crypto portfolio has shown bullish momentum since January 2023 after switching to Dollar Cost Average (DCA) tactics. Using this strategy, El Salvador’s Bitcoin stash grows by one Bitcoin daily, picking up solid profits of $845,492.78, according to NayibTracker.

On the Flipside

  • Nayib Bukele’s Bitcoin (BTC) portfolio is still down $40 million from previous losses in 2022.

Why You Should Care

El Salvador is the pioneering country that declared Bitcoin legal tender.

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Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.