Finance

El Salvador's GDP to Surge Tenfold by 2029 Due to AI and Bitcoin, Predicts ARK Invest CEO Cathy Wood

Cathy Wood, the CEO of ARK Invest, has made a bold prediction about El Salvador's economic future, suggesting that its Gross Domestic Product (GDP) could increase tenfold, reaching $300 billion by 2029. This significant growth is anticipated to stem from the country's adoption of artificial intelligence and bitcoin technologies under the leadership of President Nayib Bukele.

In a recent post on X (formerly Twitter), Wood highlighted that El Salvador’s current GDP stands at a modest $32.49 billion as of 2022. She attributed the potential for this dramatic increase to President Bukele’s firm commitment to transforming El Salvador into a hub for bitcoin and AI communities. Wood expressed her belief that these technological advancements could catalyze a substantial economic expansion within the next five years.

“President Bukele’s determination to turn El Salvador into an oasis for the bitcoin and AI communities is why I believe the country’s real GDP could increase tenfold in the coming years,” Wood stated.

Additionally, Wood pointed out that President Bukele is passionate about integrating a new educational program, ARK Educate, into local schools. This curriculum is designed to focus on artificial intelligence, blockchain, and other emerging technologies, preparing Salvadoran students for future opportunities in these fields.

Wood also commended President Bukele for his profound knowledge and proactive approach towards these technologies. She encouraged global observers to keep an eye on his leadership and the progressive steps El Salvador is taking.

It's worth noting that in March 2024, President Bukele reaffirmed his commitment to bitcoin, stating that El Salvador would continue to invest in the cryptocurrency by purchasing 1 BTC per day until it becomes unattainable with fiat currency. This strategy is part of a broader vision to bolster El Salvador’s economic standing through innovative technological investments.

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