As per the latest reports, FD7 Ventures has revealed that it is in the process of offloading a huge batch of Bitcoin (BTC). FD7 Ventures is one of the most prominent investment funds for cryptocurrencies from Dubai. According to sources, the huge batch of Bitcoin (BTC) that the firm is planning to offload is worth around $750 million.
FD7 Ventures has also confirmed what it intends to do with the proceeds that it is going to gain from the BTC offloading. The firm intends to invest the proceeds from the BTC selling into acquiring Polkadot (DOT) and Cardano (ADA) tokens.
While making the announcement, the firm has clarified that it has taken this step by looking at the profitability of its investors/customers. With the help of the acquisition of the two altcoins, FD7 Ventures will be in a better position to serve the interests of its customers and investors.
The firm also stated that with time, the cryptocurrency industry has expanded beyond Bitcoin (BTC) and other cryptocurrencies. At present, almost every cryptocurrency seems to be bringing in huge profits for investors. Not just this, many investors are now investing their money more into such assets as they are easy to acquire and have low fee structures.
With time, the firm has released the importance of having multiple trading and investment options available on the table. As time progresses, so does the interest of the investors as they are advancing into newer technologies. Therefore, it was a crucial decision that the firm needed to make in order to respect the diversified interest of the investors and customers.
Following the announcement of the BTC offload, the managing director at FD7 Ventures, Prakash Chand compared BTC with altcoins. Chand stated that with time, people have started to realize the importance of altcoins versus BTC, which is now extremely expensive. The asset has gotten far out of the reach of a low-profile investor due to its price and demand.
On the other hand, altcoins are available at very cheap rates and they are even less volatile and less fluctuating than BTC in reality. This is the reason why the majority of the investors have now started investing heavily in altcoins than BTC.
He also admired the amount of success and growth both altcoins have managed to gain since the beginning of the year 2021. However, Chand did not have good remarks to make around BTC as he stated that BTC is almost useless.
Chand went onto state that Polkadot, Ethereum, and Cardano will be the foundation and stepping stones for Web 3.0 and the new internet.
He added that after spending some time with the leaders of all three assets, he is confident that all three assets will surpass the growth rate and rally percentage that BTC has been gaining since the beginning.