Cathie Wood predicts El Salvador's GDP will grow tenfold thanks to AI and Bitcoin
Date: 2024-05-29 Author: Henry Casey Categories: IN WORLD
Cathie Wood's optimistic forecast
ARK Invest CEO Cathie Wood predicted a significant increase in El Salvador's gross domestic product (GDP). She said that thanks to the introduction of artificial intelligence (AI) and Bitcoin, the country's GDP will reach $300 billion by 2029, which is a tenfold increase compared to current figures.
El Salvador's economic situation and growth potential
At the moment, El Salvador's GDP is at a relatively low level. In 2022, that figure was $32.49 billion. Wood believes that President Nayib Bukele's decisive actions to transform El Salvador into a hub for the Bitcoin and AI communities could radically change the country's economic situation.
The role of President Bukele
Cathie Wood praises the aspirations and initiatives of the President of El Salvador. In a post on X (formerly known as Twitter), she highlighted: “President Bukele’s determination to make El Salvador an oasis for the Bitcoin and AI communities […] is the reason why I believe the country’s real GDP could increase tenfold over the next five years."
Educational initiatives
In addition to economic reforms, Wood noted Bukele’s desire to introduce the ARK Educate educational program in schools in El Salvador, aimed at teaching artificial intelligence, blockchain and other innovative technologies. She emphasized the importance of these educational initiatives for the future economic growth of the country.
Bitcoin investment plans
President Bukele continues to actively support Bitcoin. In March 2024, he announced that El Salvador would buy one bitcoin every day until the cryptocurrency was no longer available for fiat currency purchases. The move is part of the country's broader strategy to integrate Bitcoin into its economy.
Cathie Wood's predictions for El Salvador's economic growth seem bold, but they are based on concrete actions and initiatives by President Bukele. If El Salvador can successfully integrate Bitcoin and AI into its economy, the country could become an example for other emerging markets looking to leverage cutting-edge technology to accelerate growth.
