Dubai Crypto Fund Sells Bitcoin to Bet on Cardano, Polkadot

FD7 Ventures, a Dubai-based crypto investment fund, today said it plans to unload $750 million worth of their Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term holdings over the next 30 days to buy two altcoins, Cardano (ADA) and Polkadot (DOT).

The move will reportedly better serve the needs of FD7 investors who are looking to diversify their portfolios in the cryptocurrency space. While Bitcoin presents stronger long-term opportunities, the popular cryptocurrency has become a relatively mature asset. That is why alternative successful coins have captured investor interest.

FD7 Ventures is sitting on $1 billion in Bitcoin under management, which means the fund is swapping 75% of its current assets. Instead, the fund is betting on the future of ADA and DOT, which have a combined market cap of nearly $65 billion. This compares with the value of all Bitcoin in circulation which recently crossed the $1 trillion milestone.

The excitement around the two tokens was apparent in the cryptosphere over the last few days. Polkadot price hit an all-time peak earlier this week ahead of its upcoming parachain auctions which will allow its network to connect with other established blockchains like Bitcoin and Ethereum.

FD7 Expects ADA and DOT to Outperform Bitcoin

There is a lot to watch out for on the horizon, including Cardano (ADA). The token has been trading in a robust uptrend for the past few months as its upcoming update will allow users to create tokens from scratch on top of the Cardano Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term. The protocol update will require a hard fork that was scheduled to the mainnet on March 1.

“Aside from the fact that Bitcoin was first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless. Projects such as Cardano, Polkadot and Ethereum are the foundation of the new internet and Web 3.0,” Says Prakash Chand, Managing Director at FD7 Ventures.

FD7 Ventures said it has already begun the process of converting their Bitcoin to Cardano and Polkadot and expects to complete the conversion transactions by March.

“I’ve been lucky enough to spend lots of time with the brightest minds in crypto, and I’m willing to bet that each of Ethereum, Cardano and Polkadot will be more valuable than Bitcoin within the next few years,” added Chand.