{"id":13909,"date":"2024-05-29T16:46:53","date_gmt":"2024-05-29T13:46:53","guid":{"rendered":"https:\/\/forklog.com\/en\/cathie-wood-predicts-tenfold-gdp-growth-for-el-salvador-via-bitcoin\/"},"modified":"2024-05-29T16:46:53","modified_gmt":"2024-05-29T13:46:53","slug":"cathie-wood-predicts-tenfold-gdp-growth-for-el-salvador-via-bitcoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cathie-wood-predicts-tenfold-gdp-growth-for-el-salvador-via-bitcoin\/","title":{"rendered":"Cathie Wood Predicts Tenfold GDP Growth for El Salvador via Bitcoin"},"content":{"rendered":"<p>El Salvador&#8217;s gross domestic product (GDP) could increase tenfold during the next five years of President Nayib Bukele&#8217;s administration, according to a forecast by ARK Invest CEO Cathie Wood.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Thank you <a href=\"https:\/\/twitter.com\/maxkeiser?ref_src=twsrc%5Etfw\">@maxkeiser<\/a> and Stacy for introducing Art Laffer, <a href=\"https:\/\/twitter.com\/dpuellARK?ref_src=twsrc%5Etfw\">@dpuellARK<\/a>, Marc Seal, and me to President Bukele last week. Harnessing <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/AI?src=hash&#038;ref_src=twsrc%5Etfw\">#AI<\/a> to turbocharge his economic and education reforms, the President could scale El Salvador&#8217;s GDP 10-fold during his next 5-year term. <a href=\"https:\/\/t.co\/7vjYwJ8mLe\">https:\/\/t.co\/7vjYwJ8mLe<\/a><\/p>\n<p>\u2014 Cathie Wood (@CathieDWood) <a href=\"https:\/\/twitter.com\/CathieDWood\/status\/1795602597522616559?ref_src=twsrc%5Etfw\">May 28, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>She highlighted that this growth would be driven by accelerating economic reforms in the country through the use of Bitcoin and artificial intelligence.<\/p>\n<p>Wood also mentioned Bukele&#8217;s understanding of the <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9A%D1%80%D0%B8%D0%B2%D0%B0%D1%8F_%D0%9B%D0%B0%D1%84%D1%84%D0%B5%D1%80%D0%B0\" title=\"\">Laffer Curve<\/a>\u2014a concept suggesting an optimal tax rate that maximizes revenue.<\/p>\n<p>In February, the incumbent president <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-advocate-nayib-bukele-re-elected-as-president-of-el-salvador\">won re-election<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/el-salvadors-president-to-maintain-bitcoin-strategy-following-re-election\">promising<\/a> to maintain El Salvador&#8217;s Bitcoin strategy. In September 2021, the country became the first in the world to recognize the digital currency as legal tender.<\/p>\n<p>Previously, the government highlighted the role of cryptocurrency adoption in helping the nation emerge from crisis and boosting tourism. The country attracted investments through the launch of &#8220;Bitcoin Freedom Visas&#8221; and announced plans to issue crypto bonds based on digital gold worth $1 billion.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;President Bukele&#8217;s determination to transform El Salvador into an oasis for Bitcoin and artificial intelligence communities (two of the greatest economic and technological revolutions in history) is why I believe its real GDP could increase tenfold over the next five years,&#8221; Wood stated after her meeting with the head of state.<\/p>\n<\/blockquote>\n<p>However, she noted that the country&#8217;s economy is starting from a very low base: the annual GDP is approximately $30 billion, with a monthly per capita income of $450.<\/p>\n<p>El Salvador has independently mined 473.5 BTC over three years, and the nation&#8217;s total cryptocurrency reserves have reached approximately 5748 BTC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador&#8217;s gross domestic product (GDP) could increase tenfold during the next five years of President Nayib Bukele&#8217;s administration, according to a forecast by ARK Invest CEO Cathie Wood. Thank you @maxkeiser and Stacy for introducing Art Laffer, @dpuellARK, Marc Seal, and me to President Bukele last week. Harnessing #bitcoin and #AI to turbocharge his [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1219,1278,1138],"class_list":["post-13909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cathie-wood","tag-el-salvador","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13909"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13909\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13908"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}