A crypto investment firm with $1 billion in assets under management is selling Bitcoin to boost its position in two of the largest altcoins by market cap. Managing director Prakash Chand of the Dubai-based firm FD7 Ventures says Bitcoin may have achieved a first-mover position as a digital store of value.
However, he believes other projects are set to surpass the leading cryptocurrency in size and utility.
“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.”
Chand says the firm intends to sell $750 million in Bitcoin in order to increase its exposure to Cardano (ADA) and Polkadot (DOT), which he believes are the foundation of the new internet and Web 3.0.