- Nayib Bukele meets up with Cathie Wood & Art Laffer in the Bitcoin Office.
- Ark Invest’s CEO drops a bold prediction on El Salvador’s growth.
- El Salvador’s publicly trackable Bitcoin stash skyrockets above $391 million.
In a crusade to enhance El Salvador’s capital markets, President Nayib Bukele has struck a deal with Ark Invest’s CEO Cathie Wood. The news broke after El Salvador’s Bitcoin Office announced that Bukele had met with Wood and economist Art Laffer to discuss a variety of tech-related topics.
El Salvador’s Bitcoin journey since September 2021 was among the first topics to be discussed, as Wood is known to be a major Bitcoin proponent. Ark Invest’s stock portfolio consists of a massive stake in Coinbase Global (COIN), while Ark’s BTC exchange-traded fund (ETF) is among the top five largest Bitcoin ETF products globally.
Cathie Wood Makes Bold Bet on El Salvador
Finding El Salvador’s re-elected millennial President Bukele “incredibly knowledgeable”, Ms. Wood couldn’t resist making a bold prediction on the country’s economic growth over the next 5 years: “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.”
As El Salvador’s brave Bitcoin path gains appreciation from one of the industry’s leading BTC proponents, the opportunities presented by its digital revolution include the goal to become a leader in Bitcoin mining, as well as education and job creation for locals.
Recently, El Salvador’s pro-crypto leader unleashed a free passport program for foreign talent in information technology, healthcare, art, and education, and in mid-April, gave a speech at the opening ceremony of Google’s Headquarters in El Salvador, pledging to make the nation as attractive to foreign investors as ever.
Internet heavyweight AlphaBeta estimated a $3.4T economic impact per year in El Salvador, which aligns well with Wood’s bright prediction shared in Ark Invest’s latest meet-up. As of press time, El Salvador’s Bitcoin vault has soared to $391 086 045, bringing about a 92% return on all-time BTC investment.
On the Flipside
- Despite a brave economic prediction by Cathie Wood, which forecasts tenfold GDP growth over the next five years, the International Monetary Fund’s forecast is less optimistic.
- The IMF expects a 3% economic growth for El Salvador this year, with an inflation rate of 0.9% for 2024.
Why This Matters
Crypto industry professionals discussing digital transformation with political leaders can significantly accelerate blockchain adoption, as well as introduce a clearer regulatory framework.
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