Cathie Wood points to El Salvador's Bitcoin Push

Cathie Wood, the CEO of the investment management firm Ark Invest has said that allocating capital to innovation will benefit people’s lives in the long run. She pointed towards El Salvador saying that she believes that President Nayib Bukele’s bitcoin push has given citizens new financial opportunities.

She said that El Salvador is giving $30 of bitcoin to all eligible adults. She further added that where only 1.2 million people have access to financial services, 3 million people will now get access to new banking services and new financial services with the presence of blockchain technology.

El Salvador is the first country to give legal tender to Bitcoin in September last year. It has developed its own digital wallet ‘Chivo’ that allows people to withdraw money from over 200 ATMs. Cathie Wood said that blockchain technology will go a long way to bridge the gap between rich and poor.