Top Tech Investor says Bitcoin could push Money Transfers to Be Free
There is a notion that Bitcoin can expand as a functional currency making the transfers price to decline as it piles pressure to money transfer monopoly companies.
Ark invest CEO, Cathie Woods, asserts Money transfers will even become free in the future as cryptocurrencies continue to be valuable and spread widely.
It is not a surprise that Bitcoin caught the eye of Woods together with her company as he is well known for funding disruptive technologies.
Wood had earlier managed $5 bln in implementing the global thematic strategies at Alliance Bernstein when she was the Chief Investment Officer. Later, she came to focus on disruptive technology where she currently manages $1.7 bln worth of assets in Ark Invest.
Bitcoin and other cryptocurrencies are amicably solving a lot of financial issues, as the CEO asserts since a preinstalled built-in payment was not there at the onset of the internet.
The Big cut
Presently, there seems to be less disruption or very minute competition in money transfer systems making companies like Paypal and the Western Union to continue profiteering from cross-border payment.These companies profit as they charge migrant workers hefty charges of more than $8 for sending every $100.
Fortunately, Wood says that such costly transmission fees may not exist for long in the onset of bitcoin disruption. Cryptocurrency transfers are expected to pile a lot of pressure on those traditional companies so that that transaction would be free.