FD7 Ventures, a Dubai-based global cryptocurrency investment fund with over $1 billion worth of Bitcoin under management, recently made an announcement regarding the selling of 75% of their Bitcoin holdings. The firm is planning to sell off about $750 M worth of its Bitcoin holdings to invest in Cardano and Polkadot.
FD7 Ventures Plans to Sell $750 M Worth of Bitcoin
The company is planning to sell off a majority of its Bitcoin holdings to place a bet on rising projects like Cardano and Polkadot.
According to the investment firm, the increase in these cryptocurrencies will fulfill the needs of FD7 investors looking for a diversified portfolio in the growing crypto space.
Prakash Chand, the Managing Director at FD7 Ventures said:
“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless.”
In addition to this, he added:
“Projects such as Cardano, Polkadot, and Ethereum are the foundation of the new internet and Web 3.0.”
Charles Hoskinson, the Founder of Cardano, and Dr. Gavin Wood, the Founder of Polkadot, are considered to be the brightest minds present in the crypto space currently. In addition to this, both personalities were part of the original seven co-founders of ETH.
Dubai Crypto Fund to Invest in Cardano and Polkadot
Prakash Chand revealed about spending time with the best minds in the crypto industry and said:
“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years.”
It has already been revealed that FD7 Ventures have initiated the process of the conversion of their Bitcoin holdings to Polkadot (DOT), and Cardano(ADA). Also, the conversion transactions are expected to be completed by March.