Cathie Wood has a good word for El Salvador's bitcoin push

El Salvador's grand bitcoin ambitions may have hit a snag in the crypto slump, but one markets star has a good word for them: Ark Invest's Cathie Wood.

Asked whether the finance industry increases wealth inequality, Wood told Time magazine that allocating capital to innovation will benefit people's lives around the world in the long run.

The widely followed investor pointed to El Salvador, where she believes President Nayib Bukele's bitcoin push has given citizens financial opportunities that they didn't have before.

El Salvador's millennial president is known for trading bitcoin on his phone. As the leading cryptocurrency has fallen, he has touted buying the dip and the Central American country has increased its holdings to about 1,391 bitcoins, according to a Bloomberg analysis.

Recent drops in bitcoin have cost El Salvador around $10 million, Bloomberg estimates. Bitcoin was at $42,262, down about 2.5% on the past 24 hours on Monday, according to CoinMarketCap data. Trading volume was relatively unchanged over the past week.