Cathie Wood’s Ark Invest Ditches PayPal Over Cash App
Cathie Wood Picks Cash App Over PayPal
Appearing in an interview with CNBC on April 8, star stock-picker Cathie Wood revealed her decision to pick Cash App over PayPal due to its more comprehensive approach toward digital asset wallet integration. Despite acknowledging the fact that PayPal subsidiary Venmo has already integrated Bitcoin (BTC), Wood sees “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 (Cash App’s developer company) over PayPal,” Wood said in her interview.
She further boasted Cash App’s exploding popularity comes from its organically-driven growth in users “as opposed to more of a top-down approach” from Venmo.
According to data from app tracker Business of Apps, Venmo currently has 70 million users and $850 million in profit in comparison to Cash App’s 44 million and $2.03 billion in profit in 2021. Perhaps, the stark contrast in both the apps' net profits could be another factor for Ark’s decision to prefer the latter over the former.
Cathie Wood Sees Bitcoin Hitting $1 Million by 2030
Earlier last week, Cathie Wood reiterated her bullish stance on Bitcoin (BTC) at the Bitcoin 2022 conference in Miami, Florida, saying that the flagship cryptocurrency will reach $1 million by 2030.
In recent weeks, BTC prices have fallen below $43,000 on many occasions and is currently trading at $42,276 at the time of writing, down 1.2% from the past 24 hours, according to data from Coingecko.