FD7 Ventures, a Dubai-based crypto-based investment fund, said it will offload $750 million worth of Bitcoin and will use the proceeds to increase positions in Cardano and Polkadot tokens. According to FD7 Ventures, switching to two altcoins will help the fund better serve the interests of investors seeking to diversify their portfolio.

Preferred Altcoins

After the announcement, Prakash Chand, managing director of FD7 Ventures, touted the potential of these two altcoins while claiming that BTC is “actually useless”. Chand added:

Projects such as Cardano, Polkadot and Ethereum are the foundation of the new Internet and Web 3.0.

The general manager added that after spending time with the founders of the two projects, he “dare to bet Ethereum, Cardano and Polkadot will be more valuable than Bitcoin in the next few years.”

Dubai's cryptocurrency investment fund converts $750 million worth of BTC into ADA and DOT tokens

ADA and DOT surge

At the same time, since the beginning of the new year, Cardano’s ADA and Polkado’s DOT have both soared, with the latter setting an all-time high (ATH) above $41 on February 20. However, at the time of writing, DOT is based on Messari’s data, and the sixth-ranked token is trading at slightly more than $29. On the other hand, the market value of the token is slightly less than $27 billion.

At the same time, the fifth-ranked ADA token surged to a 52-week high of $1.18 on February 25 after starting at $0.175 in the same month. Since the beginning of 2021, ADA has now risen by more than 500%, and this growth has allowed the token to rise in the ranking of cryptocurrency market capitalization. At the time of writing, the ADA token is trading at $1.05 and has a market capitalization of $32 billion.

READ  Call of Duty: "Black Ops" Cold War PC system requirements open

Dubai's cryptocurrency investment fund converts $750 million worth of BTC into ADA and DOT tokens

At the same time, FD7 Ventures stated that it hopes to complete the conversion of BTC to two altcoins in mid to late March.

What are your thoughts on FD7 Ventures’ decision to increase its altcoin holdings? Tell us 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

Picture Credits: Shutterstock, Pixabay, Wiki Commons, Messari.io,

Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.