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- Ark Invest founder Cathie Wood has recently taken the move to opt for a cash app and has taken down the confidence in PayPal.
- She believes that Venmo has initiated to accommodate Bitcoin, but it’s more of a follower of the cash app.
- Wood is a Bitcoin enthusiast and earlier predicted it might hit $1 million by the end of the decade.
Cathie Wood, the founder of Ark Invest, the crypto investment firm, has cast aside all of its company’s holdings of PayPal and has turned its head towards the long term of the Cash App Payment system that utilises the Bitcoin (BTC) Lightning network.
The founder elaborated on the company’s move at the recently wrapped Bitcoin conference 2022 Miami.
Venmo: A Follower of The Cash App
Bitcoin’s Lightning Network is a Layer two solution for the network that aims at providing cheaper and faster transactions. And PayPal, the financial technology company, takes charge of the payment app Venmo as a rival to the Block’s cash app.
She highlighted her views in an interview with CNBC that she took the decision to choose Block over PayPal due to its enhanced comprehensive approach toward virtual asset wallet integration. And though Venmo has initiated to accommodate Bitcoin but it’s more of a follower of the cash app.
They tend to put their bets with who they believe will be the winners. As they consolidate their portfolios during the risk-off period, they opt for Block over PayPal.
Wood furthermore signified that her company’s conviction in Cash App stems from what she perceives to be the originally driven growth in users, as opposed to more of a top-down approach from Venmo.
She believes that so far, retail investors have powered the crypto market. And she doesn’t think that most institutional investors are positioned the way they eventually will be. Retail has really taken up the charge here.
Cathie Wood has been among the ones who are vehement Bitcoin supporters. She earlier predicted that Bitcoin (BTC) might hit $1 million by the end of the decade.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
