Cathie Wood: El Salvador’s revenues could increase tenfold with Bitcoin and AI plans

ARK Invest CEO Cathie Wood is lyrically enthusiastic about Central American El Salvador. According to her, the country is an “oasis” for the adoption of Bitcoin and artificial intelligence. If the country continues at this rate, El Salvador’s income will increase by 10x by 2029.

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.

— Cathie Wood (@CathieDWood) May 28, 2024

Smart move by President Nayib Bukele

Cathie Wood calls it a smart move by President Nayib Bukele to turn El Salvador into an oasis for Bitcoin and AI. “Two of the greatest economic and technological revolutions in history,” said Wood.

That is why she believes that El Salvador’s income could increase by a factor of 10 over the next five years.

What is special is that she expects income adjusted for inflation to increase by a factor of 10. So it concerns the real income.

President Bukele recently met with @CathieDWood and Art Laffer to discuss investment opportunities in El Salvador.

Topics included: Bitcoin and new capital markets; tech and innovation opportunities, including in Artificial Intelligence and Art Laffer’s favorite – tax policy! pic.twitter.com/swLMyrU8m2

— The Bitcoin Office (@bitcoinofficesv) May 28, 2024

Wood spoke with Bukele about Bitcoin’s integration into capital markets, artificial intelligence and tax policy. “Wood walked us through the numbers on how El Salvador can bring its income to $300 billion by 2029,” said Max Keiser, who advises Bukele on Bitcoin-related matters.

Bukele’s success

If you look at El Salvador’s income, Bukele has been quite successful since starting his presidency in June 2019. El Salvador’s GDP was $32.4 billion in 2022, marking a 30% increase since the start of his term.

If El Salvador were to achieve a GDP of $300 billion, it would be on par with countries such as Romania, the Czech Republic and Chile.

Since Bukele’s presidency, Bitcoin has become legal tender, you no longer pay taxes on technological innovation and income tax for foreign investments has been removed.

In April 2024, Google decided to make official moves in the country in a partnership worth $500 million.

Furthermore, El Salvador now owns 5,764 Bitcoin worth approximately $400 million.

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