FD7 Ventures Sells $ 750 Million Bitcoins to Buy Cardano and Polkadot
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Dubai Foundation FD7 Ventures Sells $ 750 Million Bitcoins to Buy Cardano and Polkadot
A Dubai-based fund says bitcoin is “worthless” and altcoins like Cardano are better suited for new investors.
Dubai-based crypto fund FD7 Ventures will sell over $ 750 million in bitcoin next month to replace Cardano and Polkadot. Both blockchains are high-speed networks that can support the deployment of low-cost smart contracts and provide scalability for new developers.
The fund claims to own over $ 1 billion in net assets, most of which are in bitcoins. However, its executives say the asset has served its purpose and newer blockchains are a better option. The company expects to complete the conversion within 30 days and complete it by the end of March.
According to the press release, the increase in altcoin assets “will better serve the needs of FD7 investors looking to diversify their portfolios in the growing cryptocurrency space.”
“Apart from the fact that bitcoin was the first on the market and was recognized by society as a store of value, I think it’s actually pretty useless. Projects such as Cardano, Polkadot, and Ethereum are the foundation of the new Internet and Web 3.0, ” – said FD7 Managing Director Prakash Chand.
How did the course respond?
FD7 claims to have already begun purchasing ADA and DOT, Cardano’s and Polkadot’s own tokens, respectively. Over the past 24 hours, the DOT price has dropped 9%, in line with the rest of the falling market. Cardano, on the other hand, rose 4%.
Meanwhile, Cardano founder Charles Hoskinson has already congratulated the fund on this decision. “Welcome to the FD7 Ventures ecosystem. Let us know if you need technical support,” – he tweeted.
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