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BTC $47930.24 (1.16%)
ETH $3610.08 (6.17%)
USDT $1.00 (-0.0%)
BCH $642.10 (0.65%)
BSV $158.02 (3.58%)
LTC $191.51 (5.59%)
BNB $426.10 (0.30%)
ADA $2.47 (3.77%)
DOGE $0.24 (0.95%)

Fund Manager Calls Bitcoin Useless, Shifts $750M to Polkadot and Cardano

Fund Manager Calls Bitcoin Useless, Shifts $750M to Polkadot and Cardano
  • Dubai-based crypto fund FD7 Ventures shifts from BTC to ADA and DOT
  • The global crypto fund is transferring assets worth 750 million USD
  • Fund manager thinks ETH, ADA, and DOT will be more valuable than Bitcoin

In an article released by Businesswire, Prakash Chand, Managing Director at FD7 Ventures didn’t hold back his thoughts on Bitcoin. “I think Bitcoin is actually pretty useless,” he said.

I think Bitcoin is actually pretty useless.

He followed up by bringing up the rising stars of today’s crypto world — Ethereum, Cardano, and Polkadot. According to Chand, “Projects such as Cardano, Polkadot, and Ethereum are the foundation of the new internet and Web 3.0.”

Chand believes that those projects will be worth more than Bitcoin in the future. “I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.

The global crypto fund based in Dubai, FD7 Ventures began selling off 750 million USD worth of Bitcoins to invest in Cardano and Polkadot. According to the company, this will serve their investors better as the projects are currently on the rise.

The move is very strategic — it serves the needs of investors who want to diversify their portfolios in the ever-growing crypto market.

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Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.