Crypto

Bitcoin Beach in El Salvador to Receive Over $200M Infrastructure Investment – The Inquirer 🇫🇷

Since the beach has adopted bitcoin (BTC) to develop the circular economy in the region, it has gained a cult status. These expenses will be used to create completely new amenities to make tourists’ stay at their destination even more enjoyable.

Regarding the implementation of these investments, President Naib Bukele issued the following statement on 26 August:

“El Zonte is known to many as Bitcoin Beach; we will secure a plot of 15,000 sq.m, where there will be a shopping center, a parking lot, a beach club, a treatment plant, and we will revive the territory. »

In addition to the La Libertad area, Surf City Beach, commonly known as El Tunco, will also benefit from these renovations. The investment, Bukele said, is more than $203 million and includes bike lanes, a new drainage system, pedestrian crossings and 14 bridges.

“This year we are going to expand the 21 kilometers of the coastal road to four lanes. And we will also do this with hydroconcrete, which is more expensive than asphalt, but lasts much longer,” he said.

The role of bitcoin in tourism

This is part of the second phase of the Surf City project, which aims to implement strategic initiatives to promote tourism in the region. This investment is in line with what the government has previously said about the role of bitcoin and surfing in expanding domestic tourism, and this alignment makes this set of investments coherent.

A recent report confirmed that El Salvador was one of the countries on the list of countries that have already brought their tourism revenue back to pre-pandemic levels. Bukele attributes this phenomenon to three factors: the country’s ongoing war against gangs, the growth of the surf industry, and the Bitcoin cryptocurrency.

Other government officials in El Salvador have also applauded bitcoin for helping boost tourism this year. Morena Valdes, Salvador’s tourism minister, reported in April that the use of bitcoin as legal tender has helped the industry grow by 30%.

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