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Dubai crypto fund ditches $750 million worth of Bitcoin to buy Cardano, Polkadot

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FD7 Ventures, a crypto investment fund headquartered in Dubai, announced plans to sell off $750 million worth of their Bitcoin (BTC) holdings in the next 30 days.

The proceeds from the sell-off will be used to buy Cardano (ADA) and Polkadot (DOT), as the fund’s managing chief says he is optimistic ADA, DOT, and ETH will be the cornerstone of Web 3.0.

The native cryptocurrency of the Cardano blockchain, ADA, has barrelled to a new all-time peak at $1.30 per coin, making it the third-biggest cryptocurrency in terms of market valuation at almost $40 billion.

Diversifying investor portfolio

The crypto landscape has been ripe with news of big-time companies buying large amounts of Bitcoin. From Twitter CEO Jack Dorsey’s Square leading the charge with a massive BTC procurement in 2020 and PayPal’s and Visa’s crypto payment functionality to MicroStrategy’s and Tesla’s billion-dollar crypto shopping sprees, it looks like a corporate race to amass Bitcoin is unfolding.

According to FD7 Ventures, which has $1 billion under management, the increase in these altcoin holdings will better serve the needs of its investors who are seeking to diversify their portfolios in the rapidly advancing cryptocurrency industry.

“I think Bitcoin is actually pretty useless… projects like Cardano, Polkadot, and Ethereum are the foundation of the new internet and Web 3.0,” Prakash Chand, managing director at FD7 Ventures, said.

A $65 billion combination

FD7’s disclosure comes as the market value of Bitcoin dropped by almost 10% in the past 24 hours after its recent rally to record peaks.

ADA recently traded at $1.25, climbing 10% in the last 24 hours as of Saturday. The cryptocurrency has surged to an impressive 645% in the past three months, figures from Messari show.

ADA and DOT have a combined market value of almost $65 billion. This compares with the value of all Bitcoin currently in circulation, which recently breached the $1 trillion level.

FD7 Ventures said it has already started the process of converting their Bitcoin to Cardano and Polkadot and expects to complete the conversion by March, according to Finance Magnates.

 

Image courtesy of JRNY Crypto/YouTube 

The post Dubai crypto fund ditches $750 million worth of Bitcoin to buy Cardano, Polkadot appeared first on BitcoinerX.

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Source: https://bitcoinerx.com/bitcoin/dubai-crypto-fund-ditches-750-million-worth-of-bitcoin-to-buy-cardano-polkadot/

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