El Salvador’s Bitcoin and AI Adoption Plans Could 10x GDP by 2029
ARK Invest CEO Cathie Wood believes El Salvador’s Bitcoin and AI adoption plan could see its GDP tenfold in the next 5 years.
In an X thread, Cathie Wood praised El Salvador’s transitions into an “oasis” for Bitcoin and AI adoption under Nayib Bukele’s presidency.
“President Bukele’s determination to turn El Salvador into an oasis for the bitcoin and AI communities – two of the biggest economic and technology revolutions in history – is the reason I believe that its real GDP could scale 10-fold during the next five years,” she stated.
This came following a meeting between the president, Cathie Wood, Bitcoin advocate Stacy Herbert, United States economist Arthur Laffer, and ARK Invest research associate Marc Seal to discuss potential Bitcoin and AI opportunities in El Salvador.
Wood and Bukele discussed Bitcoin’s integration into capital markets, AI, and tax policies.
Wood highlighted the potential for El Salvador’s economy to thrive under these initiatives, suggesting “its real GDP could increase tenfold over the next five years,” citing supporting statistics.
.@CathieDWood walked us through the numbers.
I’m a believer.
I have a very high degree of confidence that @ARKInvest’s numbers for #ElSalvador’s GDP going from $30 to $300 billion over the next 5 yrs (a 10x) are spot on.
Have you booked your flight? https://t.co/AiRLSrUnfW
— Max Keiser (@maxkeiser) May 29, 2024
During Bukele’s presidential run, El Salvador made Bitcoin legal tender, eliminated taxes related to tech innovation, and removed income tax for foreign investments and remittances in March.
El Salvador has also adopted cryptocurrency as the core of its financial system, holding 5,764 Bitcoin in its treasury. The value of these holdings is $396.2 million, reflecting
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