FD7 Ventures, a global $ 1 billion cryptocurrency investment fund under management, today announced plans to sell $ 750 million in its Bitcoin stakes in the next 30 days to increase the company's positions in Cardano (ADA) and Polkadot (DOT). The move will effectively sell most of the company's Bitcoin stakes to buy rising projects like Cardano and Polkadot. According to the company, the increase in these altcoin holdings will better serve the needs of FD7 investors who are looking to diversify their portfolios in the growing cryptocurrency space. Despite this, the fund recognizes the importance of bitcoin as a store of value. the fact that Bitcoin was the first to hit the market and society has given it meaning as a store of value, I think Bitcoin is really very useless, ”says Prakash Chand, executive director of FD7 Ventures.
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“Projects like Cardano, Polkadot and Ethereum are the basis of the new internet and Web 3.0.“Completed Chand
Both Cardano founder Charles Hoskinson and Polkadot founder Dr. Gavin Wood are considered two of the most brilliant minds working in the cryptocurrency development space today. Both figures were part of the original seven co-founders of Ethereum. In their current roles, Hoskinson and Wood lead projects that are considered to have the potential for significant global impact. The Cardano team is working towards a blockchain solution to meet the needs of millions of non-bankers in Africa and other countries, while Polkadot continues to build an ecosystem of brilliant projects that enable a fully decentralized platform for the Web3, where users are in control. "I was fortunate to spend a lot of time with the brightest minds in crypto and I'm willing to bet that each of them from Ethereum, Cardano to Polkadot will be more valuable than Bitcoin in the coming years," explained Chand Cointimes talked to ADA representatives in Brazil and took all the doubts about this crypto, check it out: FD7 Ventures has already started the process of converting its Bitcoin (BTC) to Cardano (ADA) and Polkadot (DOT) and hopes to conclude conversion transactions by mid-March. * Information taken and adapted from BusinessWire.