Florida-based investment management firm Ark Invest’s CEO and CIO Cathie Wood announced dropping all of the company's PayPal holdings for Cash App. She talked about the news at Bitcoin 2022.
Cash App owned by Block relies on Lightning Network, a layer 2 solution for BTC payments to make operations faster and low cost.
Wood said that such a decision was made as CashApp has a more comprehensive approach toward digital assets. According to her, Venmo owned by PayPal has started to support BTC, but it's more of a Cash App's follower. The latter has generated more than double Venmo’s revenue from almost half the number of users.
According to the latest data from Business of Apps, Venmo has 70 M users and $850 M in revenue, and Cash App has 44 M users along with 2 bln in revenue.
Ark Invest got exposure to BTC in 2015, and Wood thinks the Bitcoin growth has just begun. During an interview with CNBC, she mentioned that institutions are joining slowly, but retail investors and individuals are more actively in Bitcoin.
Wood said institutions are exploring Bitcoin and how crypto would be a part of their strategy. According to her, by 2030, the Bitcoin price would hit $1 M.