Dubai-based firm FD7 Ventures with $1 billion in assets under management is selling Bitcoin to boost its position in two of the largest altcoins by market cap, Cardano and Polkadot.
Managing director Prakash Chand says Bitcoin may have achieved a first-mover position as a digital store of value, but believes that other projects like Cardano (ADA) and Polkadot (DOT), are set to surpass Bitcoin in size and utility and are the foundation of the new internet and Web 3.0.
“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... I’ve been lucky enough to spend lots 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.”Prakash Chand, Managing Director FD7 Ventures
Chand says the company intends to sell $750 million in Bitcoin in order to increase its exposure to Cardano (ADA) and Polkadot (DOT).
FD7 Ventures says it has already started selling its Bitcoin position and expects to finish the conversion to Cardano and Polkadot by the end of March 2021.