Cathie Wood, founder of Ark Invest, said she trusts Cash App’s Lightning Network payment system more than PayPal’s.
PayPal is not Wood’s favorite app
During the Bitcoin 2022 conference in Miami, which ended on April 9, Wood discussed the above topic.
It is worth recalling that the Lightning Network (LN) is a second-layer solution to the bitcoin network that allows for faster and cheaper transactions in the cryptocurrency blockchain.
On April 8, Wood told CNBC that her company had decided to abandon the PayPal app in favor of the Cash App, and this is due to more comprehensive integration of a digital asset portfolio. Despite the fact that Venmo PayPal has started including bitcoin (BTC) in its system, Wood herself “supports the Cash App more.”
She explained that Ark Invest’s commitment to the Cash App stems from the fact that they see organic growth for the app, as opposed to Venmo, which she describes as more top-down in its growth efforts.
In contrast, Venmo currently boasts 70 million users and $850 million in profit compared to Cash App’s $44 million and $2.03 billion profit for 2021. Despite the current results, Wood still believes the latter project has greater potential.
The Bitcoin market is gaining strength
In addition, Wood noted that in 2022, BTC could cost up to $1 million. Further, she agreed that political support for the leading cryptocurrency is growing in her country.
The political landscape around bitcoin is changing rapidly, she said in a panel with Michael Saylor of MicroStrategy. She added that crypto and blockchain have become topics that could gain bipartisan support in Congress.