Dubai Based Crypto Investment Fund to Convert $750 Million Worth of BTC Into ADA and DOT Tokens – Altcoins Bitcoin News

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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.

Altcoins preferred

In his remarks after this announcement, Prakash Chand, the managing director of FD7 Ventures, promotes the potential of the two altcoins and claims that BTC is “actually quite 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

Meanwhile, since the start of the new year, both Cardano’s ADA and Polkadots DOT have risen, with the latter hitting a new all-time high (ATH) of over $ 41 on February 20. However, at the time of writing, it was DOT, the sixth-place token trading at just over $ 29, according to Messari data. On the other hand, the token’s market capitalization was just under $ 27 billion.

Meanwhile, the fifth-placed ADA 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 has increased more than 500%, and that growth has resulted in Token improving its crypto market cap rankings. At the time of writing, the ADA token was trading at $ 1.05, which translates to a market cap of $ 32 billion.

Crypto Investment Fund, based in Dubai, is converting BTC worth $ 750 million into ADA and DOT tokens

In the meantime, FD7 Ventures expects to complete the switch from BTC to the two altcoins by 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.

Tags in this story

ada, Altcoins, ATH, BTC, Cardano, DOT, Dubai, Ethereum, FD7 Ventures, market capitalization, Polkadot

Photo credit: Shutterstock, Pixabay, Wiki Commons, Messari.io,

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