Cathie Wood, founder of ARK Invest, revealed today that she met with Salvadoran President Nayib Bukele last week to discuss opportunities in Bitcoin and AI. Wood praised Bukele for utilizing Bitcoin and AI to drive economic and educational reforms, predicting that El Salvador’s GDP will expand 10 times within 5 years.
Under the leadership of President Bukele, El Salvador officially adopted Bitcoin as legal tender in September 2021 and has actively promoted various Bitcoin policies, including developing wallets, launching the investment citizenship program, exploring the issuance of Bitcoin volcano bonds, daily Bitcoin investment, and mining Bitcoin using volcanic geothermal energy.
Cathie Wood, who is known for her strong support of Bitcoin and is hailed as the “Queen of Stocks,” also revealed on Twitter today that she, along with American economist Art Laffer and others, met with Bukele last week to discuss opportunities in Bitcoin and AI.
She highly praised Bukele for using Bitcoin and AI to drive economic and educational reforms, and predicted that Bukele will be able to expand El Salvador’s GDP by 10 times during his new 5-year presidential term.
Cathie Wood stated that El Salvador’s GDP is currently relatively low, around $30 billion, with an average income of only $450 per month. However, Bukele clearly understands the Laffer curve.
The Laffer curve is a hypothesis that illustrates the relationship between government tax revenue and tax rates. It suggests that raising tax rates can increase government tax revenue up to a certain limit, but beyond that limit, further tax rate increases will lead to a decrease in government tax revenue. Higher tax rates inhibit economic growth, reduce the tax base, and result in lower tax revenue, while tax cuts can stimulate economic growth, expand the tax base, and increase tax revenue.
According to Cathie Wood, Bukele also gladly accepted the idea of introducing ARK Educate’s technology-enabled innovation courses, including robotics, energy storage, AI, blockchain, and multi-group learning, to Salvadoran schools. Since 2020, ARK’s educators have adapted ARK’s research for different age groups.
Cathie Wood praised:
Tim Draper praises El Salvador as the wealthiest country in the world
Previously, Tim Draper, a well-known venture capital investor and founder of Draper Associates, also highly praised El Salvador’s embrace of Bitcoin, stating that Bitcoin is helping El Salvador grow and become a better country. He believes that El Salvador may transform from one of the poorest and highest crime rate countries into one of the wealthiest and most innovative countries in the world within 30 or 40 years.
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