Polkadot and Cardano Will Surpass Bitcoin in Value: FD7

26 February 2021 | Updated: 26 February 2021

The Dubai-based cryptocurrency investment fund, FD7, believes that the value of Cardano (ADA) and Polkadot (DOT) will surpass that of Bitcoin (BTC) in the coming years. Consequently, the firm has announced that it will offload about $750 million worth of its BTC holdings and increase its exposure in ADA and DOT.

FD7 (Fall Down Seven Times) Ventures describes itself as a cryptocurrency-focused investment fund that “invests in entrepreneurs who stand up an 8th time” and has more than $1 billion in asset under management invested in several crypto assets, including Bitcoin, Ethereum, Polkadot, Cardano, and Cosmos.

The investment firm noted that it has begun to slowly phase-out $750 million worth of Bitcoin while simultaneously increasing its holding in ADA and DOT.

FD7 affirmed that this investment shift would “better serve the needs of FD7 investors who are looking to diversify their portfolios in the growing cryptocurrency space.”

Meanwhile, the fund’s Managing Director, Prakash Chand, had some not-so-good remarks about the benchmark cryptocurrency following the announcement. He said that: “Aside from the fact that Bitcoin was the first to market and society has given it meaning as a store of value, I think Bitcoin is pretty useless.”

Furthermore, he highlighted the prospects of cryptocurrencies like Ethereum, Cardano, and Polkadot, noting that they “will be more valuable than Bitcoin within the next few years.”

FD7 Lauds ADA and DOT’s Founders
In other news, the press release lauded the founders of Cardano and Polkadot, Charles Hoskinson and Dr. Gavin Wood, describing them as “two of the brightest minds working in the crypto development space today” and highlighted their contributions to the establishment of Ethereum years ago.

The fund noted that its decision to venture into ADA and DOT was based primarily on the reputation of the cryptocurrencies.

Meanwhile, Hoskinson has responded to the news via his Twitter account, saying that FD7 was welcomed to the Cardano ecosystem and that he was ready to offer technical assistance if needed.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.