Saturday, April 10, 2021

Dubai-Based FD7 Ventures to sell off $750M worth of BTC for Cardano (ADA) and Polkadot (DOT)

FD7 Ventures, a global cryptocurrency investment fund based in Dubai with $1 billion under management, has some hours ago announced its plan to sell off $750 million worth of Bitcoin (BTC) within the next 30 days to increase its positions in Cardano (ADA) and Polkadot (DOT).

Why Selling Bitcoin (BTC) For Cardano (ADA) and Polkadot (DOT)

According to the report, the company thinks selling the flagship cryptocurrency, Bitcoin (BTC), for Cardano (ADA) and Polkadot (DOT) will better serve the needs of its investors who are interested in diversifying their portfolios in the emerging crypto industry.

Read Also: Cardano Treasury Hits $189 Million, Now More than Ethereum Treasury; ADA Is Coming To Celsius

Reacting to the decision, the Managing Director at FD7 Ventures, Prakash Chand said:

“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.

“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.”

FD7 Ventures has already started the process of converting their Bitcoin (BTC) to Cardano (ADA) and Polkadot (DOT) and expects to complete the conversion transactions by mid-to-end of March.

Charles Hoskinson Says Ethereum, Cardano, and Polkadot Can Co-Exist

According to the CEO of IOG, Charles Hoskinson, who is the founder of Cardano (ADA), smart contract platforms can co-exist in the same market.

In a new interview, Hoskinson said, “I think there’s definitely room in the marketplace for several strong protocols.”

Read Also: Cardano (ADA) Will Outperform Ethereum 2.0 in DeFi Space –Charles Hoskinson

To back his points, he cited the example of several tech giants that are currently co-existing, such as Google, Apple, Microsoft, among others. He said that it’s simply possible for Ethereum, Cardano, Polkadot, and others to function successfully in the same marketplace.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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