The Dubai-based global cryptocurrency investment fund FD7 is will be selling off $750 Million worth of Bitcoins and use the fund towards investment in Polkadot’s DOT and Cardano’s ADA.
The main reason behind the move is said to be the need for diversified investment portfolios, it is only rational to make various investments in the growing cryptocurrency market, according to the venture’s investment strategies.
The fund apparently holds a huge share of $1 Billion in Bitcoin and it has decided to sell off 75% of its holdings that is $750 Million in the next 30 days, and start investing in ADA and DOT.
In response to this news the founder of Cardano, Charles Hoskinson took to Twitter to welcome FD7 into the ecosystem of ADA and even offered to help with any technical support if required.
Why DOT and ADA over Bitcoin?
This question can be best answered by quoting the statement of Mr. Prakash Chand the Managing Director at FD7 ventures.
“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 Cardono, Polkadot, and Ethreum are the foundation of the new internet and Web 3.0.”
The impeccable confidence that DOT and ADA will outperform Bitcoin in the coming years and Polkadot and Cardono will be the foundation of the new internet and Web 3.0, can be considered as the prime reason behind this decision.
Mr. Chand further backs his bet on Polkadot and Cardano by asserting how the time spent by him with the greatest minds in crypto has influenced his decision and speculation for the future.
“ I’ve been lucky enough to spend lots of 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,” said Chand.