Cathie Wood is undoubtedly one of the biggest BTC fans on Wall Street. In her fund, the 66-year-old bundles all the companies that she believes have the greatest potential for disruption.
For a long time, this also included the Silicon Valley veteran PayPal using the payment app Venmo trying to appeal to younger customers in particular. In an interview with CNBC At the Bitcoin 2022 conference in Miami, the investor announced that Ark Invest had said goodbye to all PayPal shares. You can find the complete interview here.
The reason given by Wood is that there is greater potential Block (formerly Square) Cash app I see, which currently has more “organic growth” than Venmo.
We tend to bet on those who we think will be the winners. Reviewing our portfolios in a low-risk period, we chose Block over PayPal.
Cathie Wood in an interview with CNBC
In February, Cash App announced that it would integrate the Lightning network.
The strong focus on the crypto sector, especially BTC, is probably largely due to Block CEO Jack Dorsey. The fact that the former Twitter boss is a big advocate of BTC has long been no secret, at least it’s clear in his Twitter bio to read.
What is Lightning?
Lightning is one of the so-called second-layer solutions. It thus fulfills an important function in the question of scaling BTC. Put simply, this is how it works: Transactions between two or more parties are outsourced and then settled off-chain. The spin-off makes it possible to process significantly more transactions per second, a simple and ingenious answer to BTC’s often-criticized scaling deficits. The number of active Lightning nodes has increased sharply since early 2018 and is noisy glass node near the all-time high (see figure below).
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