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Cathie Wood Chooses Block Over PayPal

In an interview with CNBC correspondent Kate Rooney during the 2022 Bitcoin Conference powered by Cash App, $ARK Innovation ETF(ARKK.US)$ Ark Invest founder and CIO Cathie Duddy Wood said the company ditched $PayPal(PYPL.US)$ and choose $Block(SQ.US)$ . According to Wood, Block has more focus on Bitcoin through the lighting network.
Notably, the $BTC lightning network has grown tremendously in the past year fueled by El Salvador’s adoption.
Cathie Wood and Ark Invest have invested in Bitcoin and blockchain technology through the decentralized financial ecosystem (DeFi). However, due to stringent regulations in the United States that have not favored the crypto market, the company has indirectly invested in Bitcoin. Nevertheless, Wood believes in holding Bitcoin over a period of time rather than timing buy entry.
Remember, Block is heavily invested in Bitcoin and has some of its liquidity in BTC. Otherwise, SQ shares have shown a significant correlation with Bitcoin price action.
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