Dubai-based cryptocurrency venture fund currently sitting on $1 billion in AUM claims that the value of Cardano and Polkadot will be greater than that of BTC in the coming years. Consequently, the fund has announced plans to dispose of its Bitcoin holdings of $750 million and instead increase its exposure to ADA and DOT.
FD7 (Fall Down Seven Times) Ventures identifies itself as a crypto-oriented investment fund that “invests in entrepreneurs who stand up an 8th time” and has numerous crypto investments worth over $1 billion in AUM. Those include the two biggest, Bitcoin and Ethereum, as well as Cardano, Polkadot, and Cosmos.
The fund, however, plans to rebalance its investments, according to a company press release.
According to cyrptopotato.com, the company claims that this growth in altcoin holdings would “better serve the needs of FD7 investors who are looking to diversify their portfolios in the growing cryptocurrency space.”
Following the announcement, the Managing Director of the fund had some harsh things to say about the key cryptocurrency: “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 actually pretty useless.”
In comparison, he emphasized the value of ventures such as Ethereum, Cardano, and Polkadot, which he thinks would be more valuable in the next few years than Bitcoin.
The announcement eventually announced that the fund had already begun to convert its BTC assets to ADA and DOT.