FD7 Ventures, a Dubai-based crypto-based mutual fund, says it will outsource $ 750 million worth of bitcoins and use the proceeds to increase positions in Cardano and Polkadot tokens. According to FD7 Ventures, this move to the two altcoins will help the fund better serve the interests of investors looking to diversify their portfolios.
In his Remarks Following this announcement, Prakash Chand, the managing director of FD7 Ventures, is touting the potential of the two altcoins as he claims it BTC “It’s actually pretty useless.” Chand added:
Projects like Cardano, Polkadot and Ethereum form the basis for the new Internet and Web 3.0.
The chief executive adds that after spending time with the founders of both projects, he is “ready to bet that Ethereum, Cardano and Polkadot will each be more valuable than Bitcoin in the next few years”.
ADA and DOT surging
In the meantime, since the beginning of the new year, both Cardano ADA and Polkadots DOT are up, with the latter hitting a new all-time high (ATH) of over $ 41 on Feb.20. At the time of writing, however, DOT, which is the sixth-placed token according to Messari data, was trading at just over $ 29. On the other hand, the token’s market capitalization was just under $ 27 billion.
In the meantime, fifth place ADA The token rose to its 52-week high of $ 1.18 on February 25, after starting at $ 0.175 that same month. Since the beginning of 2021 ADA is now up more than 500% and that growth has resulted in Token improving the ranking of crypto market capitalization. At the time of writing the ADA Token traded at $ 1.05, which equates to a market cap of $ 32 billion.
In the meantime, FD7 Ventures expects to complete the transition from BTC in the two altcoins until mid to late March.
What do you think of FD7 Ventures’ decision to increase their altcoin holdings? Let us know what you think in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Messari.io,
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