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.
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,
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
