The Dubai-based crypto fund ‘FD7 Ventures’ will sell over $750 million in Bitcoin in the coming month to buy Cardano and Polkadot, The company announced yesterday. Both blockchains are networks that can support low-cost smart contract implementation and offer scalability to new developers.
Cardano and Polkadot are more valuable
The fund has more than $1 billion in net assets, most of which are in Bitcoin. FD7 executives say that BTC has served its purpose and that new blockchains are better than BTC.
“Apart from 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 actually quite useless,”
said Prakash Chand, general manager at FD7, in a statement.
He added that Ethereum, Cardano and Polkadot would eventually be more valuable than Bitcoin in the coming years. Chand said the two projects formed the basis of the new internet and Web3. A term used recently to describe the emerging generation of internet startups who do business in a peer-to-peer manner without intermediary intervention.
Charles Hoskinson, The Founder of Cardano, is pleased with the decision of the crypto fund. “Welcome FD7 Ventures into the ecosystem. Let us know if you need technical support,” he tweeted.
Welcome FD7 Ventures to the ecosystem https://t.co/CmQdOCDJ2x let us know if you need any technical support and we'd love to see you on Catalyst.
— Charles Hoskinson (@IOHK_Charles) February 25, 2021
FD7 claims to have already started purchasing Cardano’S ADA and Polkadot’s DOT.