Dubai Crypto Fund FD7 Ventures Sells BTC worth $ 750M to increase ADA and DOT portfolio

Dubai Crypto Fund FD7 Ventures Sells BTC worth $ 750M to increase ADA and DOT portfolio

Global Crypto Investment Fund FD7 Ventures, which has $ 1 Billion USD AUM, decided to get rid of Bitcoin in order to buy Cardano and Polkadot.


26 Feb 2021 , 13:34 @ Matey Salt

Dubai Crypto Fund FD7 Ventures Sells BTC worth $ 750M to increase ADA and DOT portfolio

  • Global Crypto Investment Fund FD7 Ventures, which has $ 1 Billion USD AUM, decided to get rid of Bitcoin in order to buy Cardano and Polkadot.
Aerial view of downtown Dubai

It seems that not all large crypto invest funds that have bought Bitcoin are still convinced of its qualities. The latest evidence of this is Dubai-based FD7 Ventures, which has issued a report confirming the sale of BTC worth $ 750M.

FD7 Ventures thus decided to make this sale over the next 30 days with the main goal of increasing the company’s positions in Cardano (ADA) and Polkadot (DOT).

The managing director at FD7 Ventures, Prakash Chand, also commented on the situation: 

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.

Chand even considers Cardano’s founders and Polkadot to be the smartest in the crypto industry when he 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,

According to the information, FD7 Ventures has already started exchanging BTC for ADA and DOT with a preliminary estimate of the completion of this conversion process by mid-to-end of March.

Read also: The former CEO of the London Stock Exchange sees cryptocurrencies as an opportunity for the UK

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