Stacy

Bitcoin

Arthur

Seal

ARK Invest CEO Cathie Wood predicts President Nayib Bukele’s Bitcoin and AI plan could drive El Salvador’s GDP to soar tenfold in the next five years.
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 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) <a href="https://twitter.com/CathieDWood/status/1795602605017899338?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 28, 2024</a>
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Wood highlighted Bitcoin’s potential in capital markets and discussed AI and tax policies with Bukele. Advisors like Max Keiser, Stacy Herbet, Arthur Laffer, and Marc Seal were also part of the discussions.
Cathie Wood said, “Harnessing Bitcoin and AI to turbocharge his economic and education reforms, the President could scale El Salvador’s GDP 10-fold during his next 5-year term.”
El Salvador legalized Bitcoin, waived tech-related taxes, and <a href="https://www.cryptotimes.io/2024/03/14/el-salvador-scraps-income-tax/" target="_blank" rel="noopener noreferrer nofollow">removed income tax</a> on foreign investments and remittances in March 2024. Google’s $500 million investment and Bitcoin holdings worth $396.2 million reflect this strategy.
However, local Bitcoin adoption faces challenges like a tech-illiterate population and issues with the Chivo Wallet. A 2023 survey showed only 12% using Bitcoin for payments, though recent merchant adoptions by Walmart and others signal progress.&nbsp;
President Nayib Bukele’s strategic focus on Bitcoin and AI has the potential to greatly boost El Salvador’s economy and technological advancement in the coming years.
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 Also Read: <a href="https://www.cryptotimes.io/2024/05/13/el-salvador-boosts-transparency-with-bitcoin-ledger/" target="_blank" rel="noopener noreferrer nofollow">El Salvador Boosts Transparency With Bitcoin Treasury Platform</a>
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El Salvador GDP to Surge 10x with Bitcoin & AI: Cathie Wood

The Crypto Times

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