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October 4, 2022
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Dubai fund sells $ 750 million in bitcoins to buy Cardano and Polkadot

The Dubai-based fund says Bitcoin is “pretty worthless” and altcoins like Cardano are a better bet for new investors.

Dubai-based crypto fund FD7 Ventures will sell more than $ 750 million in Bitcoin next month to buy Cardano and Polkadot, it said in a communication On thursday. Both blockchains are high-speed networks that can support low-cost smart contract deployment and provide scalability for new developers.

The fund claims to hold more than $ 1 billion in liquid assets, most of which is in Bitcoin. However, its executives say the asset has served its purpose and the latest blockchains are a better bet.

“In addition to the fact that Bitcoin was the first to trade and society has given it meaning as a store of value, I think Bitcoin is actually quite useless,” said Prakash Chand, managing director of FD7, in a statement. He added that Ethereum, Cardano and Polkadot will become more valuable than Bitcoin “in the years to come”.

Chand said the two projects were the basis for the “new internet” and Web3 – a term used recently to describe the next generation of Internet startups that conduct business point-to-point, without depending on an intermediary.

Some examples of this, said FD7 in the statement, were Cardano’s efforts to create a blockchain solution that would meet the needs of bankless individuals in Africa and Polkadot’s continued development of a Web3 project ecosystem.

Meanwhile, Cardano’s founder, Charles Hoskinson, seemed to congratulate the fund’s decision.

“Welcome FD7 Ventures to the ecosystem. Let us know if you need technical support ”, he tweeted.

FD7 claims to have already started its purchase of ADA and DOT, the native tokens of Cardano and Polkadot, respectively. In the past 24 hours, the price of DOT has fallen 9%, in line with the rest of the falling market. In contrast, Cardano is challenging the market, up 4%.

Source: Decrypt

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