Greece is known worldwide for its tourist attractions of idyllic beaches and a relaxed lifestyle. Before the outbreak of the global pandemic, the World Travel and Tourism Council said that tourism generates over a fifth of Greece’s total GDP.
This year, the country faced a record number of travelers during its summer season. In August alone, the country recorded nearly 1 million tourist arrivals per week, according to Greek Tourism Minister Vassilis Kikilias.
A ForwardKeys report on this year’s summer tourism revealed that Greece had six spots in the top ten ‘sun and beach’ locations in Europe. These included the island destinations of Mykonos, Thira (Santorini) and Heraklion (Crete) as well as Thessaloniki. Athens, the country’s capital, ranked third for “urban” destinations in Europe.
In the 27 member states of the European Union, Greece ranks sixth in terms of cryptocurrency ATMs, with 64 active for usage. Over half of Greek crypto ATMs are shared between Athens and Thessaloniki.
However, Bitcoin ATM operator BCash has strategically placed some of its ATMs in the country’s trendy island destinations of Mykonos, Santorini and Crete. Cointelegraph spoke to BCash CEO and co-founder Dimitrios Tsangalidis about how crypto is impacting the tourism season in Greece by or itself.
Although Mykonos and Santorini are the most visited tourist destinations, according to Tsangalidis, mainland ATMs have the most traffic – particularly central Athens, where the first ATM was installed, and Thessaloniki.
However, the co-founder noted that there is a “very loyal cryptocurrency crowd” on Crete, the country’s most populous island and a popular tourist destination.
“There is a strong crypto community in Heraklion, Crete [which is] the location of one of our ATMs.”
In Heraklion, the capital of Crete, local startup accelerator H2B Hub partnered with the Greek-speaking University of Nicosia to create and support a local blockchain community.
Both Athens and Thessaloniki have active, regular meetings for the crypto and blockchain community.
While tourism is boosting parts of the Greek economy, according to Tsangalidis, it is not spilling over into the crypto scene. “Unfortunately, exactly the opposite is happening,” says Tsangalidis.
“Demand drops in the summer months and in the high season. But we’re in the middle of the crypto winter that came earlier this year, so it’s really hard to tell.”
Especially in regular traffic, the decline can also be equated with vacation trips by locals.
Related: Tourists are flocking to El Salvador despite the Bitcoin bear market
In general, Greece needs more awareness of cryptocurrencies and their use in everyday life, Tsangalidis sums up.
“The impact on local tourism can only be felt if there is a general acceptance of cryptocurrency in society.”
He adds that there is currently little to no infrastructure or uptake by Greek companies and local governments. “If our government becomes crypto-friendly and companies are given the green light, adoption will follow.”
In May this year, the president of Greece’s national tourism organization, Angela Gerekou, said the country is currently studying how blockchain technology could bring security and transparency to tourism.
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