As bitcoin continues to gain mainstream adoption, billionaire and Ark Invest CEO Cathie Wood, in an intriguing projection, has x.com/_TOBTC/status/1795701634514956543″ target=”_blank” rel=”noopener nofollow”>foretold that El Salvador's gross domestic profit (GDP) could increase tenfold in the next five years, which has since captured the attention of the global financial community.
Wood attributes this outstanding potential growth to the country's unwavering dedication to incorporating bitcoin and artificial intelligence (ai) into its legal and regulatory structure.
The adoption of bitcoin and ai in El Salvador to boost the country's economy
It should be noted that the Central American country The Savior has steadily acquired bitcoin since the nation adopted the digital asset as legal tender under the presidency of its current leader Nayib Bukele in 2021. Notably, the bitcoin Law, which was enacted in 2021, provided the structure that made this possible.
President Bukele faced criticism for this election from political rivals, international organizations and economists. However, he never backed down from his goal of making his nation a leader in bitcoin adoption, even in the face of criticism.
With this measure, El Salvador became the first country in the world to accept btc as legal tender. The objective behind the nation's action is to encourage greater financial innovation, facilitate more efficient remittance payments and promote financial inclusion.
Currently, El Salvador's btc holdings number around 5,748 btc valued at a whopping $360 million at the current coin price. Since then, the country has transferred a big chunk of his holdings to a cold wallet, which Bukele called the country's first piggy bank, marking the first time such a measure was taken.
Given the country's steadfast efforts to reclaim its community identity in the crypto space, cathie woodexecutive director of Ark Invest, is confident that El Salvador's GDP could increase tenfold by 2029. Wood believes this will happen as long as the nation sticks to Bukele's agenda of adopting bitcoin and ai. He also highlighted Bukele's initiatives to transform El Salvador into an oasis for these technologies.
The CEO noted that since Bukele assumed the presidency, El Salvador legalized btc, eliminated taxes on technological innovation, and attracted large investments, including the $500 million strategic alliance with the world's largest search engine, Google. Wood announced his projection after meeting with Bukele and Art Laffer to discuss possible investments in El Salvador. These include btc and new capital markets, technology and innovation opportunities, artificial intelligence, and Art Laffer's favorite tax policy.
btc Treasury Monitoring Website
Cathie Wood's idea came a few weeks after El Salvador launched its btc treasury tracking website. bitcoin.gob.sv” rel=”nofollow noopener” target=”_blank”>bitcoin.gob.sv. Specifically, this proof of reserve website features several tools to monitor the country's btc holdings using on-chain data.
In addition to the nation btc holdings, the website displays real-time information about the cryptoasset's blockchain network, such as transaction fees, mining difficulty, hash rate, and halving, among others.
Featured image from YouTube, chart from Tradingview.com
