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The crypto investment fund FD7 Ventures announces that it will soon sell $750 million of Bitcoin. For this firm, the future is elsewhere, especially Ethereum, Cardano, and Polkadot.
Institutional investors are increasingly interested in Bitcoin, the queen of cryptocurrencies. Grayscale has thus, on behalf of its investor clients, mainly BTC. However, this is forgetting the potential of other crypto-actives.
According to the Dubai-based crypto fund, FD7 Ventures, the future value of the market does not lie in Bitcoin, but in other cryptocurrencies. He is thus making a counter-current announcement. FD7 Ventures announces that it will sell a significant number of BTCs in the near future.
Ethereum, Cardano and Polkadot will be more valuable than Bitcoin.
In a press release, the fund states that over the next 30 days it will dispose of $750 million of Bitcoin. This profit will not remain untapped for long. FD7 Ventures plans to allocate the proceeds to two other cryptocurrencies.
The crypto fund specifies that it will thus increase its positions on two other tokens, Cardano (ADA) and Polkadot (DOT). “I’ve been fortunate to spend a lot of time with some of the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano and Polkadot will be more valuable than Bitcoin in the coming years,” says its director, Prakash Chand.
FD7 Ventures does not however break completely with Bitcoin in this sale. However, the sale will result in the sale of “the majority” of the company’s Bitcoin assets. The reason for this sale is “…”. Bitcoin is in fact quite useless”, says the CEO.
Other crypto projects, on the other hand, would be much more useful. “Projects such as Cardano, Polkadot and Ethereum are the basis of the new Internet and Web 3.0,” says Prakash Chand.
And this one to praise the founders of Cardano and Polkadot, namely Charles Hoskinson and Gavin Wood. The CEO of FD7 Ventures considers them to be “two of the most brilliant minds working in the field of crypto development today. »
He also recalls that they are among the original co-founders of Ethereum, another project that finds favour with him. Thus, Cardano and Polkadot are likely to have “a significant impact at the global level. »
“Polkadot continues to build an ecosystem of “moonshot” projects that enable a fully decentralized platform for Web3 where users are in control,” Chand added.
FD7 Ventures reports that it has already begun the process of converting its Bitcoin to Cardano (ADA) and Polkadot (DOT). These transactions are expected to be completed by mid to late March. New BTCs are coming to the market for investors still convinced of its usefulness.