Cathie Wood’s Bold Move

In a surprising shake-up, Cathie Wood, the founder of Ark Invest, has liquidated all her firm’s shares in PayPal, opting instead for the promising future of the Cash App. This strategic decision was made public at the recent Miami Bitcoin 2022 conference, which wrapped up on Saturday, making waves in the fintech world. Is this a vote of confidence for the Lightning Network? Only time will tell!

The Battle of the Payment Titans

Wood’s decision is not just a simple case of picking favorites at the playground. Cash App, which runs on the Bitcoin Lightning Network, is vying for supremacy against PayPal’s Venmo. With Venmo being a direct competitor, Wood’s full exit from PayPal signals a clear preference for what she perceives as the greater potential of Cash App.

Why Cash App Wins

During an interview with CNBC, Wood outlined her reasoning. While Venmo has begun integrating Bitcoin functionalities, she considers it a pashee—always trailing behind Cash App. Wood asserts that her firm is all about betting on the likely champions:

• Cash App’s method is more organic and user-driven.
• Venmo seems to mimic trends rather than lead them.
• Cash App’s approach to digital asset wallet integration is more comprehensive.

In Wood’s view, sometimes you just have to go with your gut—and current market trends.

Retail Investors: The Real MVPs

It’s not just about the apps; it’s about the people using them. Wood firmly believes retail investors are the ones currently driving the crypto market. She stated, “Retail has really led the charge here.” Between two giants like PayPal and Cash App, it seems the little guys are calling the shots—at least for now.

Profit Showdown: Venmo vs. Cash App

Let’s break it down—on paper, Venmo boasts an impressive 70 million users and a pretty solid $850 million in profit. Cash App, however, is not to be underestimated with 44 million users generating a jaw-dropping $2.03 billion in profit in 2021. Now that’s a hefty margin that could well have weighed into Ark’s analysis. It’s like watching an intense boxing match where the underdog keeps knocking out the heavyweights!

The Future of Bitcoin

As Ark Invest rallies behind Cash App, Bitcoin enthusiasts are in for a treat. Miles Suter, Cash App’s Bitcoin product lead, recently announced that American users could seamlessly invest a portion of their direct deposits into Bitcoin. This could usher in a new wave of retail investors looking to grab a piece of the crypto pie.

And speaking of Bitcoin, Wood remains a staunch believer in its future, boldly predicting BTC could soar to a staggering $1 million by 2030. That’s a number that turns heads—might as well make it a selfie with that hash rate!