Ark Invest dumps PayPal’s Venmo for Block’s Bitcoin-friendly Cash App

During the Miami Bitcoin 2022 conference which was wrapped up on Saturday, major Bitcoin believer and the founder of asset management company Ark Invest, Kathie Wood revealed that her company has dumped all of its holdings in PayPal and displayed greater confidence in the long-term growth of Bitcoin and Cash App payment company that uses Bitcoin Lightning Network (LN).

The Lightning Network (LN) is a layer-2 solution for Bitcoin that offers faster and cheaper transactions on the network. PayPal operated the payment app Venmo as a major competitor with Jack Dorsey’s Block’s Cash App.

She also repeated her prediction that Bitcoin would hit $1 million by 2030. 

https://twitter.com/milessuter/status/1513235434221944840

Ark Invest like Cash App’s comprehensive model more than Venmo

During an interview with CNBC this Friday, Wood revealed the plan of Ark Invest to drop PayPal for Cash App due to its more comprehensive model for crypto wallet integration. She went on to take favor of Cash App and said that Venmo follows it for accommodating Bitcoin. Wood stated:

“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 is known for its supportive comments on Blockchain and digital assets. She recently said that Metaverse could be worth trillions of dollars in the coming years. In general, the founder of the Ark Invest believes that the retail investors have driven the crypto market up to this point by stating:

“I don’t think most institutional investors are positioned the way they ultimately will be. Retail has really led the charge here.”

As per the data by app tracker Business of Apps, on one hand, Venmo boasts 70 million users with $850 million in profit, the Cash App has only 44 million users but has $2.03 billion in profit in 2021.

As part of Ark Invest’s optimistic attitude on Cash App, Miles Suter, the company’s Bitcoin product lead, revealed on Thursday that American users will be able to invest a portion of their direct transfers into Bitcoin instantly.