FD7 Ventures, a cryptocurrency investment firm with $ 1 billion in asset management, sells its Bitcoin. However, this does not mean that it is completely exiting the cryptocurrency market. It’s probably getting ready for the altcoin season. As he admits, he wants to invest in two altcoins.
FD7 Ventures focuses on altcoins
The CEO of FD7 Ventures in Dubai, Prakash Chand, emphasizes that Bitcoin may remain something like a digital store of value. However, he believes that other projects have the potential to outperform the leading cryptocurrency in terms of usability.
– Aside from the fact that Bitcoin was first on the market and the community gave it importance as a store of value, I think Bitcoin is actually useless – He said.
Chand admitted that the company intends to sell its Bitcoin worth as much as $ 750 million. However, it does not plan to exit the market. In return, BTC wants to buy Cardano (ADA) and Polkadot (DOT). In his opinion, these two projects are the basis of the new Internet – Web 3.0.
But that’s not all. He stressed that he also sees the potential of Ethereum as a cryptocurrency resource that could replace Bitcoin in the coming years.
– I was lucky enough to spend a lot of time with the brightest minds in the cryptocurrency market and am willing to bet Ethereum, Cardano and Polkadot will be more valuable than Bitcoin in the next few years – he explained.
The head of FD7 Ventures says the company has already started selling its Bitcoins. The process of converting funds to Cardano and Polkadot is expected to last until the end of March.
Game of Thrones
The narrative of FD7 Ventures is interesting and intriguing, because it weaves an element of a certain competition between projects into the thread of the cryptocurrency market. But the matter is rather simpler and more banal than the company’s CEO believes.
Bitcoin is slowly becoming digital gold. There is a chance that in the end it will actually be an ideal asset for storing savings – something like the mentioned metal. In turn, projects such as Ethereum, Cardano or Polkadot bring technological innovations to the market. They can help develop smart contract ideas. They are something of a “smart Bitcoin”, as is often referred to as ETH.
If we have competition, we can guess that sooner or later there will be a real fratricidal fight for the position of the market leader. Theoretically yes, but in practice it may be different. It is worth noting that there are several leading platforms on the social media market today (e.g. Facebook or Twitter), each of which partially performs the same functions. Computer hardware market? Here you can see the same phenomenon. So it is possible that eventually Ethereum, Cardano and Polkadot will develop into something like the big three of the blockchain market and will fulfill similar, but not entirely the same functions.