ARK Invest, the New York-based investment house helmed by long-time Bitcoin supporter Cathie Wood, has sold off all of its holdings in PayPal and is now leaning towards Jack Dorsey’s firm Block due to its “singular focus” on Bitcoin.
Block, formerly Square, runs Cash App, a payment system that’s compatible with Bitcoin’s បណ្តាញរន្ទះ. The Lightning Network is a layer-2 solution built atop of Bitcoin that aims to make transactions faster and more affordable.
Discussing her company’s decision last Friday in an សំភាសន៍ ជាមួយ ស្ថានីយទូរទស្សន៍ CNBC, Wood pointed to Cash App’s “organic growth” as opposed to the “top-down approach” taken by PayPal’s Venmo.
“I think there’s an organic movement,” Wood said of Cash App’s user base growth. “Of course, Venmo is accommodating Bitcoin, as well. But it’s more of a follower of Cash App. And so we tend to put our bets with who we believe will be the winners.”