El Salvador has eliminated all taxes (income, property, capital gains and import tariffs) on technology innovations, such as software programming, coding, apps and AI development.

The tax cut would also encompass computing and communications hardware manufacturing, Bukele added.

The Salvadoran leader is eager to make the Central American country a cryptocurrency hub, adopting bitcoin as legal tender in 2021 and unveiling plans to create the world's first "bitcoin city," per Reuters.

Previously, Cathie Wood has said that Bitcoin will be worth $1 million per coin by 2030.

"Sometimes you need to battle test, you need to go through crises to see the survivors," she said.

"We think bitcoin is coming out of this smelling like a rose," she said.

"And once they actually do the homework and see what's happened here, I think they might actually be more comfortable moving into bitcoin, and perhaps ether, as a first stop because they'll understand it more," she said.

She recently did a report that said Bitcoin could hit $1.5 million in just 7 years, per Forbes.