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.
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.”
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.