Cathie Wood, the founder of crypto investment firm Ark Invest, has sold off PayPal’s stake and backed the long-term growth of ‘Cash App’, a payment app based on the Bitcoin Lightning network.
The Lightning Network (LN) is Bitcoin’s Layer-2 solution that will make transactions faster and cheaper than before, while Paypal also has its own payment app. It goes by the name Venmo, which is known as the top competitor to Cash App, the payment app from Block (also known as Square).
On April 8, Cathie told CNBC that she had decided to leave PayPal and turn to Cash App because the Cash App had a more comprehensive approach to digital asset wallet collection. Bitcoin (BTC), but “more like just following a Cash App”
“We always bet on people we believe will become winners… When we try to combine the ports With our investment in a risk-free period, we will always choose to block over PayPal.”
In general, Cathie Wood believes that retail investors are the main driving force behind the crypto market and the ‘leader’ in payments.
Venmo currently has 70 million users with $850 million in profits, while Cash App has 44 users and $2.03 billion in 2021 profits (according to Business of Apps). This might be another reason Ark Invest turned to invest with Cash App.
Cathie is also another Bitcoin believer who predicted in an interview that Bitcoin will hit $1 million by 2030.
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Ark Invest’s Cathie Wood Sells PayPal Shares, Turns to App Support Bitcoin-friendly ‘Cash App’ appeared first on Bitcoin Addict.