After meeting with El Salvador President Nayib Bukele last week, Cathie Wood, founder of asset management company ARK Invest, said that by using Bitcoin and artificial intelligence to promote its economic and educational reforms, the president may next Increase El Salvador's GDP (gross domestic product) 10 times within a 5-year term.

Wood wrote on the X platform:

“President Bugle’s determination to turn El Salvador into an oasis for the Bitcoin and AI communities—two of the largest economic and technological revolutions in history—is why I believe its real GDP could grow tenfold over the next five years. .

Thank you @maxkeiser and Stacy for introducing Art Laffer, @dpuellARK, Marc Seal, and me to President Bukele last week. Harnessing#bitcoinand#AIto 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

Bitcoin’s integration into capital markets, AI and tax policy were the main topics discussed by Wood and Bugele. Bitcoin advocate Stacy Herbet, US economist Arthur Laffer and Ark Investment research associate Marc Seal were also in attendance.

Max Keiser, who advises Bugle on Bitcoin-related matters, said Wood put numbers into context to explain how El Salvador could boost its current GDP of about $30 billion 10-fold to $300 billion over the next five years.

Since Bugle first became president, El Salvador has classified Bitcoin as legal tender, eliminated taxes related to technological innovation, and in March eliminated income taxes on foreign investment and remittances.

According to the El Salvador Bitcoin Treasury Information website, the country currently holds 5,764 Bitcoins worth approximately $391 million as of the time of publication. According to unofficial statistics from Nayib Bukele Portfolio Tracker, El Salvador’s Bitcoin investment strategy has gained approximately 57%.

Data source & first image source

Related reports: "Argentine and El Salvadoran regulators met to exchange experiences on Bitcoin adoption and regulation" "El Salvador mined 474 Bitcoins in 3 years relying on volcanic energy, earning US$29 million for the state treasury" "No agreement on a 1.4 billion magnesium credit line" ! IMF asks El Salvador to review Bitcoin law

This article Ark Investment founder Cathie Wood says El Salvador’s Bitcoin and AI plans could boost GDP 10 times in the next five years appeared first on Zombit.