Cathie Wood, the founder of ARK Invest, revealed today that she had a meeting with Salvadoran President Nayib Bukele last week to discuss opportunities in Bitcoin and AI. She praised Bukele for utilizing Bitcoin and AI to drive economic and educational reforms, predicting that El Salvador’s GDP could expand tenfold within five years.
Under the leadership of President Bukele, El Salvador officially adopted Bitcoin as legal tender in September 2021 and has been actively promoting various Bitcoin policies. These include the development of wallets, the introduction of an investment citizenship program, the exploration of issuing Bitcoin volcano bonds, daily Bitcoin investments, and Bitcoin mining using geothermal energy.
Cathie Wood, who is known for her strong support for Bitcoin and is hailed as the “female stock god,” also disclosed on Twitter today that she and American economist Art Laffer had a meeting with Bukele last week to discuss opportunities in Bitcoin and AI.
She also praised Bukele for using Bitcoin and AI to promote economic and educational reforms, and predicted that he could expand El Salvador’s GDP tenfold during his new five-year presidential term.
Cathie Wood stated that El Salvador’s GDP is currently relatively low, at about $30 billion, with an average monthly income of only $450. However, Bukele clearly understands the Laffer curve.
The Laffer curve is a hypothesis that describes the relationship between government tax revenues and tax rates. It suggests that increasing tax rates can increase government tax revenues up to a certain point, but raising tax rates beyond that point will result in a decrease in government tax revenues. Higher tax rates inhibit economic growth, shrink the tax base, and reduce tax revenues, while reducing taxes can stimulate economic growth, expand the tax base, and increase tax revenues.
According to Cathie Wood, Bukele also gladly accepted the idea of introducing ARK Educate’s technology-enabled innovation curriculum, including robotics, energy storage, AI, blockchain, and multiple learning approaches, into Salvadoran schools. Since 2020, ARK’s educators have been adapting ARK’s research for different age groups.
Cathie Wood praised, “Tim Draper praises El Salvador as the world’s wealthiest country.”
Previously, Tim Draper, a well-known venture capital investor and founder of Draper Associates in Silicon Valley, also enthusiastically praised El Salvador’s embrace of Bitcoin, stating that Bitcoin is helping El Salvador grow and become a better country. He suggested that El Salvador could transform from one of the poorest and highest-crime-rate countries to one of the world’s wealthiest and most innovative countries within 30 or 40 years.
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