After meeting with El Salvador's President Nayib Bukele on Tuesday, ARK Invest CEO Cathie Wood expressed strong optimism about the country's future. Wood stated that El Salvador’s GDP could increase tenfold by 2029 if it continues with its current Bitcoin and AI adoption strategies.

In a post on the X platform on Tuesday, Wood wrote: "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."

During their meeting, Wood and Bukele discussed Bitcoin’s integration into capital markets, tax policies, and AI. Max Keiser, a Bitcoin maximalist and advisor to President Bukele on Bitcoin matters, mentioned that Wood provided detailed figures on how the country could boost its GDP tenfold to $300 billion by 2029.

The meeting was also attended by Bitcoin advocate Stacy Herbert, U.S. economist Arthur Laffer, and ARK Invest research associate Marc Seal.

**The Rise of El Salvador Under Bukele’s Leadership**

According to World Bank data, El Salvador’s GDP was $32.4 billion in 2022, a 30% increase since Bukele took office in 2019. If the GDP reaches $300 billion, El Salvador’s economy would rival those of the Czech Republic, Romania, and Chile.

During his first term, Bukele swiftly adopted Bitcoin as part of the country’s treasury, despite pressure from the IMF and other global institutions. Currently, El Salvador holds 5,764 Bitcoins in its treasury, worth nearly $400 million, sitting on 58.6% of its average purchase price.

Bukele also introduced policies eliminating taxes on tech innovation and removing income tax for foreign investments and remittances in March. These policies have attracted significant investments, including Google’s announcement last month of a $500 million strategic partnership to establish an office in El Salvador.

However, El Salvador has faced challenges with retail Bitcoin adoption. In February, Jamie Robinson, chief strategy officer of The Bitcoin Hardware Store, noted issues such as a largely tech-illiterate population, lack of merchant enforcement, and problems with the 2021 rollout of the Chivo Wallet.

A January survey by José Simeón Cañas Central American University found that only 12% of the local population used Bitcoin at least once to pay for goods and services in 2023.