In brief:
FD7 Ventures, a Global Crypto Investment Fund based in Dubai, has announced that it plans to sell $750 million worth of its Bitcoin holdings in the next 30 days. FD7 Ventures, which has over $1 Billion in assets under management, plans to use the proceeds of the sale of the Bitcoin to increase its holdings in Cardano (ADA) and Polkadot (DOT)
.The company went on to explain that the move to increase its altcoin holdings of Cardano (ADA) and Polkadot (DOT) was to better serve the needs of FD7 investors ‘who are looking to diversify their portfolios in the growing cryptocurrency space’.
The Managing Director of FD7 Ventures, Prakash Chand, went on to emphasize that Ethereum, Cardano and Polkadot were at the core of 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. Projects such as Cardano, Polkadot and Ethereum are the foundation of the new internet and Web 3.0.
Mr.Chand went on to forecast that Ethereum, Cardano and Polkadot could be more valuable than Bitcoin within the next few years based on the real-life use cases of each blockchain project.
The founder of Cardano, Charles Hoskinson, took to Twitter to welcome FD7 Ventures into the ADA ecosystem. Mr. Hoskinson also informed FD7 Ventures that the team at Cardano was willing to assist with any form of technical support that they might require.