Crypto Biz: Bitcoin ETFs make headway, Genesis’ overpaid bankruptcy plan, and more

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.

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