Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Cryptoknowmics 2022-04-11 07:39:28

Cathie Wood’s Ark Invest Ditches PayPal Over Cash App

Cathie Wood’s crypto investment company Ark Invest has sold almost all of the firm’s holdings in the payment giant PayPal and instead went all-in on the Bitcoin-friendly 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, ...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.