Cathie Wood, CEO of Ark Invest, believes that El Salvador’s economy could grow tenfold in the next five years due to its embrace of Bitcoin and artificial intelligence (AI).
Bitcoin Adoption in El Salvador
El Salvador has been actively acquiring Bitcoin since 2021, making it the first country to adopt the cryptocurrency as legal tender. This move aims to boost financial innovation, improve remittance payments, and increase financial inclusion.
AI and Economic Growth
Wood credits El Salvador’s commitment to AI as another key factor in its projected economic growth. President Nayib Bukele has taken steps to make the country a hub for AI development, including eliminating taxes on technological innovation and attracting major investments.
Bukele’s Initiatives
Bukele’s initiatives have included:
- Legalizing Bitcoin
- Eliminating taxes on technology
- Attracting investments, such as the $500 million partnership with Google
Bitcoin Treasury Monitoring Website
El Salvador recently launched a website to monitor its Bitcoin holdings. The website provides real-time data on the country’s BTC reserves, as well as information on the blockchain network.
