Bukele revealed to Cathie Wood the plan with bitcoin for his next term
Key facts:
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The event was attended by Art Laffer, famous advisor to former American presidents.
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Wood believes that in the next 5 years the GDP of the Central American country will increase by 10.
The president of El Salvador, Nayib Bukele, received American businesswoman Cathie Wood in his office, to whom he offered details about his plans to continue transforming the Central American country with bitcoin (BTC).
The news was announced today by Wood, who thanked Stacy Herbert and Max KeizerBukele’s advisors on issues related to the adoption of bitcoin, for having organized the meeting that took place last week.
The moment was sealed with a graphic shared by Keizer in which it is observed that other personalities were also present. Among them, David Puell, onchain researcher at ARK Invest, an investment management company founded and directed by Wood.
Likewise there was economist Art Laffer, Wood’s former professor and mentor. He is also famous for developing the Laffer curve and for having advised presidents such as Richard Nixon, Ronald Reagan and Donald Trump.
During the meeting, Bukele offered details on how Bitcoin and Artificial Intelligence (AI) tools will serve to promote the economic and educational reforms of El Salvador during his second term, which begins with his inauguration scheduled for next Saturday, June 1.
“By leveraging bitcoin and AI to drive his economic and educational reforms, the President could multiply El Salvador’s GDP by 10 during his next five-year term.”
Cathie Wood, CEO of ARK Invest.
Wood added that currently, El Salvador’s GDP is on a low base, equivalent to about $30 billion, while the average income is only $450 per month.
Regarding this, the American investor highlights that “Bukele clearly understands the Laffer curve. And he explains that the economist believes that there are many ways to take advantage of the momentum generated by El Salvador’s tax incentives.
In itself, the Laffer Curve is used as an argument in favor of reducing taxes in certain circumstances, since it is considered that it can boost economic growth and increase tax revenue in the long term. However, its applicability and effectiveness depend on several factors, such as the tax structure, the economic context and the level of development of each country.
So, based on the conversations between Bukele, Wood, Laffer and company, everything seems to indicate that the Salvadoran economy will improve. At least that is the analysis made by Laffer, who has recently been mentioned as the next chairman of the Federal Reserve should Donald Trump win the presidency of the United States.
On the other hand, as commented by Wood, during the meeting the idea of introducing the ARK Educate curriculum, on technological innovation, in the schools of El Salvador was expressed. With this, he made reference to the organization he founded and the possibility for the student population of the Central American country to receive classes in robotics, energy storage, artificial intelligence, blockchain and multiomics.
Wood said he detected Bukele’s determination to “turn El Salvador into an oasis for bitcoin communities and Artificial Intelligence, two of the greatest economic and technological revolutions in history.”
“In our conversation, I found President Bukele incredibly knowledgeable, very engaging, and motivated by a vision. I can understand why he is extremely popular not only in El Salvador but throughout Latin America, Spain and Portugal. Look at this leader and his country!”
Cathie Wood, CEO of ARK Invest.
