Dubai-based investment fund FD7 Ventures says it will get rid of $750 million worth of Bitcoins and use the proceeds to increase its positions in Cardano and Polkadot chips. According to FD7 Ventures, this move to two altcoins will help the fund better serve investors looking to diversify their portfolios.

Preferred Altcoins

In his remarks after the announcement, Prakash Chand, Managing Director of FD7 Ventures, talked about the potential of the two altcoins, while noting that BTC is actually pretty useless. added Chand:

Projects like Cardano, Polkadot and Ethereum are the backbone of the new internet and Web 3.0.

The executive added that after spending time with the founders of both projects, he is willing to bet that each of Ethereum, Cardano and Polkadot will be worth more than Bitcoin in the next few years.

ADA and DOT threshold

Meanwhile, since the start of the new year, both Cardano’s ADA and Polcado’s DOT have skyrocketed, reaching a record high on the 20th. The month of February reached a new record (ATH) of over $41. At the time of writing, however, the DOT, the sixth token after Messari, was trading at just over $29. On the other hand, the ceiling for the token market was just under $27 billion.

Meanwhile, the ADA chip, the fifth, increased to a 52-week high of $1.18 on February 25, after starting the same month at $0.175. The ADA has increased by more than 500% since the beginning of 2021, and this growth is a sign of rising valuations in the cryptocurrency market. At the time of writing, the ADA token is trading at $1.05, which equates to a market cap of $32 billion.

In the meantime, FD7 Ventures says it plans to complete the conversion of BTC to two altcoins by mid/end of March.

What do you think about FD7 Ventures’ decision to increase its stake in Altcoins? Tell us what you think in the comments below.

Tags in this article

ada, altcoins, ATH, BTC, Cardano, DOT, Dubai, Ethereum, FD7 Ventures, market capitalization, Polkadot

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