Cathie Wood Predicts El Salvador's GDP to Grow Tenfold Due to Bitcoin and AI Plans
Cathie Wood Predicts El Salvador's GDP to Grow Tenfold Due to Bitcoin and AI Plans
El Salvador's President Nayib Bukele recently met with Cathie Wood, CEO of ARK Invest, to discuss the potential of Bitcoin to improve capital markets, artificial intelligence (AI), and fostering technological innovation. In a Twitter post, both Bukele and Wood are seen posing with Arthur Laffer, a renowned U.S. economist known for the Laffer Curve, indicating that tax policy was also a topic of conversation.
Following the meeting, Cathie Wood expressed her optimism about El Salvador's future, stating, "The determination of President Bukele to transform El Salvador into an oasis for the Bitcoin and AI community [...] is the reason why I believe that the country's real GDP could increase tenfold in the next five years."
Wood is known for her bold predictions. In March, she stated that Bitcoin's price could reach over $1 million by 2030. According to the latest data from the World Bank, El Salvador's GDP in 2022 was $32.4 billion, representing a more than 30 percent increase since Bukele's inauguration in June 2019. For Wood, this is just the beginning.
Currently, El Salvador owns 5,764 Bitcoin, worth nearly $400 million. In relation to the average purchase price, this represents a fiat return of 58 percent. Wood further refers to Bitcoin and AI as "two of the greatest economic and technological revolutions in history." Recently, tech giant Alphabet opened a branch in El Salvador, further highlighting the country's growing importance in the tech sector.
El Salvador's positive stance towards Bitcoin has also piqued the interest of its neighboring countries, as evidenced by the recent exchange with Argentina. With Wood's prediction and the ongoing developments in El Salvador, the country's future looks promising, both in terms of economic growth and technological advancements.
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