Cathie Wood Says El Salvador’s Bitcoin And AI Plans Could Increase GDP Tenfold In Five Years

Ark Invest CEO Cathie Wood said El Salvador’s focus on Bitcoin and artificial intelligence (AI) could see its GDP soar tenfold by 2029.

Wood made the comments after meeting President Bukele last week to discuss harnessing crypto and AI for education and economic reforms.

“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 year,” she said. “Watch this leader and his country!”

Thank you @maxkeiser and Stacy for introducing Art Laffer, @dpuellARK, Marc Seal, and me to President Bukele last week. Harnessing #bitcoin and #AI to turbocharge his economic and education reforms, the President could scale El Salvador's GDP 10-fold during his next 5-year term. https://t.co/7vjYwJ8mLe

— Cathie Wood (@CathieDWood) May 28, 2024

Cathie Wood Sees El Salvador’s GDP Hitting $300 Billion

The issues discussed in the meeting were integrating Bitcoin into AI, capital markets and tax policies.

If the plans are successful, it is likely that El Salvador’s GDP could grow from the current $30 billion to $300 billion in the next five years, Wood said.

Bukele has paid much attention to technology since his first tenure as President of El Salvador. He began by making Bitcoin legal tender before offering tax incentives on technology innovations and foreign investments.

Its success in the tech space has also drawn attention from other Latin American countries such as Argentina.

Nevertheless, Bitcoin adoption in the country remains low due to a large population that is less knowledgeable on tech.

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