Cathie Wood, the founder of asset management company ARK Invest, stated after meeting with Salvadoran President Nayib Bukele last week that the president may increase El Salvador’s GDP (Gross Domestic Product) by 10 times over the next 5-year term through the use of Bitcoin and artificial intelligence to drive economic and educational reforms.
Wood wrote on the X platform:
Bitcoin integration in the capital market, AI, and tax policies were the main topics discussed by Wood and Bukele. Bitcoin advocate Stacy Herbert, American economist Arthur Laffer, and ARK Invest research assistant Marc Seal also attended the meeting.
Max Keiser, who provided advice to Bukele on Bitcoin-related matters, explained with numbers how Wood believes El Salvador can increase its current GDP of approximately $30 billion to $300 billion in the next five years.
Since Bukele took office as president, El Salvador has designated Bitcoin as legal tender, abolished taxes related to technological innovation, and abolished income taxes on foreign investments and remittances in March.
According to the Salvadoran Bitcoin Treasury website, as of the time of this article’s publication, the country currently holds 5,764 Bitcoins, worth approximately $391 million. According to unofficial statistics from the Nayib Bukele Portfolio Tracker, El Salvador’s Bitcoin investment strategy has yielded a floating profit of about 57%.
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Related reports: “Argentina and Salvadoran regulatory agencies meet to exchange experiences on Bitcoin adoption and regulation,” “El Salvador generates $29 million in revenue from mining 474 Bitcoins from volcanoes in 3 years,” “IMF demands El Salvador reevaluate ‘Bitcoin Law’ amid $1.4 billion credit limit negotiation.”
