FD7 ventures, a dubai based crypto fund company has decided to sell of Bitcoin worth $750 million in the coming month. The firm came to this conclusion to purchase Cardano and Polkadot.
Sell Bitcoin, Buy Altcoins
The firm in a report explained that it feels Bitcoin is a “useless investment” and it hopes to rather invest in Altcoins like Cardano and Polkadot. The said Altcoins have a high speed network and it is said to be favourable for investments.
Speaking on this Prakash Chand, managing director at FD7 Ventures said Bitcoin has lost its value and it is pretty useless. He said the fact that the cryptocurrency first hit the market and the society has seen it as a store value has reduced its effectiveness. Having served its purpose in the firm, he said they’re willing to move on. The fund boasts of more than $1 billion in net assets, with most of it being in Bitcoin.
He is confident that Ethereum, Cardano, and Polkadot will outpass Bitcoin and become more valuable in the coming years.
A Start Of New Things
The fund believes this will be a smart start to things as it has kick started a new internet.
A few instances of these, according to the report, were Cardano’s endeavors to make a blockchain arrangement that tended to the necessities of unbanked people in Africa. Also, Polkadot’s ceaseless improvement of a biological system of Web3 projects.
FD7 has already started acquiring ADA and DOT which are the native tokens of Cardano and Polkadot. With the Cardano founder congratulating FD7 Ventures on twitter. The synergy between this crypto fund and Altcoins is going to only get better.