Cathie Wood's Ark Invest Drops PayPal in Favor of Bitcoin-Friendly Cash App

Wood believes that retail investors have pushed the cryptocurrency market to this stage, as she states.

"I don't believe most institutional investors are positioned now as they will be in the future." Retail is certainly leading the way in that regard."

Venmo currently has 70 million users and profits of $850 million, while Cash App has 44 million users and profits of $2.03 billion in 2021, according to app tracker Business of Apps. Another driver for Ark's assessment of the two companies could be the significant difference in their ability to generate net profits.

As Ark Invest looks to Cash App, its head of bitcoin products, Miles Suter, revealed Thursday that U.S. users will be able to automatically invest a portion of their direct transfers into bitcoin.

Wood, a strong supporter of Bitcoin, predicted in the interview that BTC will reach $1 million by 2030.