Monday, January 30, 2023
  • Home
  • Bitcoin
  • Blockchain
  • Altcoins
  • Dogecoin
  • Solana
  • NFT’s
  • Metaverse
  • Web 3.0
No Result
View All Result
NEWSNFT
No Result
View All Result
Home Bitcoin

El Salvador’s US Ambassador credits Bitcoin with reversal of social decline

NewsNFT by NewsNFT
August 21, 2022
in Bitcoin
0
El Salvador’s US Ambassador credits Bitcoin with reversal of social decline
32
SHARES
202
VIEWS
Share on FacebookShare on Twitter


Milena Mayorga, El Salvador’s ambassador to the United States, said in a recent tweet that the nation is seeing a change in its social fortunes, Cryptoslate noted.

Later, he credited Bitcoin and better “security mechanisms” for this. “We are ridding ourselves from the plague that has submerged us in poverty for decades.”

On September 7, 2021, the Central American country made history by becoming the first sovereign state to recognise Bitcoin as legal money. President Bukele has stood his own and kept supporting the “Bitcoin experiment” in the face of a storm of criticism, including that of the IMF and the World Bank.

BTC has lost over 60% of its value since the legal tender act became a law. Additionally, El Salvador is down about $56.4 million with an average buy price of $45,000, which gives detractors more reason to condemn the decision—especially because the money for it comes from public funds, Cryptoslate noted.

Alejandro Zelaya, El Salvador’s finance minister, responded by stating that although the plan is on schedule, people shouldn’t anticipate results right away. He thinks that once the technology is widely used, the critics will change their minds.

El Salvador has seen a surge in tourism as a result of the Bitcoin experiment. The first half of 2022 saw 1.1 million tourists, just shy of the 1.2 million that arrived for the entire year of 2021, according to the Ministry of Tourism.

In a recent tweet, Mayorga included a chart from the United Nations World Tourism Organization listing the top tourist destinations in terms of revenue in the first five months of 2022.

El Salvador, which saw a +6% increase in tourism revenue over 2019 statistics, came in at number thirteen out of the fifteen countries included.

The government is expected to make $99 million more from tourists this year than it did in 2019 according to Bitcoin Magazine, which is about twice the unrealized BTC loss at the moment.

(With insights from Cryptoslate)

Also Read: Binance CEO calls out ‘bad players’ for crypto exchange jitters

Follow us on Twitter, Instagram, LinkedIn, Facebook





Source link

Tags: AmbassadorBitcoincreditsdeclineReversalSalvadorssocial
Advertisement Banner
Previous Post

How Youniverze Can Become The Next Gen Swapping Protocol As Dogecoin and Ethereum Continue To Perform

Next Post

How to build a metaverse moneymaker (hint: you need creativity, not crypto) – The Nation

NewsNFT

NewsNFT

Next Post
How to build a metaverse moneymaker (hint: you need creativity, not crypto) – The Nation

How to build a metaverse moneymaker (hint: you need creativity, not crypto) - The Nation

Recommended

Dogecoin to Pakistani Rupee on August 14, 2022

Dogecoin to PKR, USD on September 24, 2022

4 months ago
Mike Novogratz Says Case for Bitcoin Is “Playing Out Every Day” As Price Plunges

Mike Novogratz Says Case for Bitcoin Is “Playing Out Every Day” As Price Plunges

4 months ago

Don't Miss

First Of Its Kind Web 3.0 Company in Carbon County – ETV News

First Of Its Kind Web 3.0 Company in Carbon County – ETV News

January 30, 2023
Know Which Altcoins Could Be Ones to Watch For? 

Know Which Altcoins Could Be Ones to Watch For? 

January 30, 2023
First Mover Asia: Amazon’s Web3 Foray Will Be a Compliance Nightmare; Bitcoin Tops $23.9K – CoinDesk

First Mover Asia: Amazon’s Web3 Foray Will Be a Compliance Nightmare; Bitcoin Tops $23.9K – CoinDesk

January 30, 2023
Kimberly Rosales discusses how blockchain improves travel

Kimberly Rosales discusses how blockchain improves travel

January 30, 2023

Recent News

First Of Its Kind Web 3.0 Company in Carbon County – ETV News

First Of Its Kind Web 3.0 Company in Carbon County – ETV News

January 30, 2023
Know Which Altcoins Could Be Ones to Watch For? 

Know Which Altcoins Could Be Ones to Watch For? 

January 30, 2023

Categories

  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Dogecoin
  • Metaverse
  • News
  • NFT's
  • Solana
  • Uncategorized
  • Web 3.0

Follow us

Find Via Tags

altcoin altcoins Analyst Big Bitcoin Blockchain BTC Buy Cardano Coin Crypto Cryptocurrency digital DOGE Dogecoin Elon Ethereum Eyes FTX future Heres Inu investors Launch launches Magazine Market metaverse News NFT NFTs Platform Prediction Price Shiba SOL Solana technology Today Token TOP Web Web3 Week world

© 2021 News NFT

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Altcoins
  • Dogecoin
  • Solana
  • NFT’s
  • Metaverse
  • Web 3.0

© 2021 News NFT