Cathie Wood's Ark Invest discontinues its use of PayPal in favor of the Bitcoin-friendly Cash App

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Cathie Wood’s Ark Invest discontinues its use of PayPal in favor of the Bitcoin-friendly Cash App

Cathie Wood's Ark Invest discontinues its use of PayPal in favor of the Bitcoin-friendly Cash App
1649581640 10 Apr / 09:07

Cathie Wood, the founder of crypto investment firm Ark Invest, has sold all of the business's PayPal assets and expressed higher confidence in the long-term growth of the Cash App payment system, which utilizes the Bitcoin (BTC) Lightning Network.

Wood discussed her firm's approach during Saturday's Miami Bitcoin 2022 conference.

The Lightning Network (LN) is a layer-2 solution for Bitcoin that aims to make transactions quicker and more affordable. PayPal's financial technology business Venmo competes directly with Block's (previously Square) Cash App.

Wood stated in a Friday interview with CNBC that she chose Cash App over PayPal owing to its more complete approach to digital asset wallet integration. Although Venmo has begun to accept Bitcoin, she explained, “it’s more of a follower of Cash App.”

“We tend to put our bets with who we believe will be the winners […] As we consolidated our portfolios during a risk-off period, we chose Block over PayPal.”
Wood proceeded by stating that her firm’s faith in Cash App originates from what she considers organic user development “as opposed to Venmo’s more top-down approach.”

Wood feels that, in general, retail investors have propelled the cryptocurrency market to this point, as she stated:

“I don’t think most institutional investors are positioned the way they ultimately will be. Retail has really led the charge here.”
Venmo presently has 70 million users and a profit of $850 million, while Cash App has 44 million users with a profit of $2.03 billion in 2021, according to statistics from app tracker Business of Apps. The huge discrepancy in their potential to generate revenues may also be a factor in Ark’s evaluation of the two brands.

As Ark Invest has adopted a bullish attitude on Cash App, its Bitcoin product lead Miles Suter said on Thursday that American users would be able to invest a percentage of their direct transfers in Bitcoin automatically.

Wood is a fervent Bitcoin supporter who reiterated in the interview her forecast that BTC will reach $1 million by 2030.

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