- Investment fund FD7 Ventures has sold $750 million in Bitcoin buy Cardano (ADA) and Polkadot (DOT).
- FD7’s executive predict a price increase for ADA and DOT over BTC.
In a press release, global investment fund FD7 Ventures has announced that it will sell $750 million of its Bitcoin funds. The sale will be conducted over the next 30 days and is intended to expand FD7 Ventures’ funding in Cardano (ADA) and Polkadot (DOT).
With $1 billion in assets under management, FD7 Ventures claims that this sale represents the majority of its Bitcoin holdings. According to the statement, the purchase will “serve” to enhance the interests of investors who are looking to diversify their portfolios with other cryptocurrencies. Prakash Chand, CEO of FD7 Ventures, stated:
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.
Bitcoin to lose value to Ethereum, Cardano, and Polkadot
The process of selling FD7 Ventures’ Bitcoin funds has already begun and will conclude around mid-March. In the statement, it is claimed that the contributions of Cardano’s inventor Charles Hoskinson and Polkadot’s founder Gavin Wood make them “the brightest minds” in the crypto industry.
The investment fund believes that the aforementioned crypto projects will have a global impact – Cardano by offering a solution for the millions of unbanked and Polkadot by becoming a platform that gives users full control over Web3 decentralized applications. FD7 Ventures CEO added:
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.
In the last 24 hours, the DOT price DOT is registering a loss of 8% along the general market trend and stands at $31. Meanwhile, ADA is one of the cryptocurrencies that has bucked the downtrend, with a gain of 6.2% in the last 24 hours. The cryptocurrency is currently trading near its all-time high at $1.14.