Dubai Fund Sells $ 750 Million Bitcoin To Buy Cardano & Polkadot

Dubai-based crypto fund FD7 Ventures will sell over $750 million worth of Bitcoin in the next month to purchase Cardano and Polkadot instead, it said in a release on Thursday. Both blockchains are high-speed networks that can support low-cost smart contract deployment and provide scalability to new developers.

The fund claims to hold over $1 billion in net assets, with most of that in Bitcoin. However, its executives say the asset has served its purpose and newer blockchains are a better bet. “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,” said Prakash Chand, managing director at FD7, in a statement. He added that Ethereum, Cardano, and Polkadot would eventually be more valuable than Bitcoin “within the next few years.”

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