Whether Bitcoin’s era has begun is hard to say, but the challenges to broader adoption may be the last breath of a prolonged crypto winter.
Bitcoin (BTC) is becoming a substitution for gold, according to ARK Invest CEO Cathie Wood.
In an interview on Feb. 4, Wood said she believes that, like gold, the cryptocurrency will soon prove itself as a “risk off asset” — a term used to describe investments generally considered safe during periods of uncertainty or financial market turmoil.
ARK’s new spot Bitcoin exchange-traded fund (ETF) saw inflows of around $650 million in January, leading some ETF experts to classify the fund as a “strong middle class,” indicating that it is emerging as a strong performer with growth potential in a market currently dominated by financial giants BlackRock and Fidelity.
