I do like Bitcoin and will get some when alt coins have caught up a bit. I feel like the BTC market cap is just too dominant right now. Also the potential return on investment will be less compared to smaller market cap alts like Cardano. Cardano has been on a roll lately. 72% of Cardano is staked which helps to keep the price stable.
https://www.arabianbusiness.com/banking-finance/459254-dubai-crypto-fund-says-to-dump-750m-worth-of-pretty-useless-bitcoinDubai-based FD7 Ventures, a global crypto investment fund with $1 billion under management, on Friday announced plans to sell off $750 million worth of its Bitcoin holdings over the next 30 days to increase positions in Cardano and Polkadot.
According to the company, the increase in these altcoin holdings will better serve the needs of FD7 investors who are looking to diversify their portfolios in the growing cryptocurrency space.
“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 Ventures.“Projects such as Cardano, Polkadot and Ethereum are the foundation of the new internet and Web 3.0,” he added.The FD7 Ventures announcement comes as the value of Bitcoin slumped by more than 9.5 percent in the past 24 hours following the cryptocurrency’s recent surge to record highs.
The price of of the cryptocurrency is now valued at just above $46,000, down from $51,600 a day before.
The cryptocurrency reached an all-time high of $58,000 on Sunday as a series of institutional investors put their weight behind the controversial blockchain technology.
Chand, previously founder of Ask The Doctor, and Q Dhalla launched FD7 Ventures earlier this month, aiming to help investors looking to diversify their portfolios into the growing cryptocurrency space.
Investors are looking at safe havens in everything from lumber to sugar to bitcoin as the dollar depreciates.
“I’ve been lucky enough to spend lots time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano and Polkadot will be more valuable than Bitcoin within the next few years,” said Chand.
Both the founder of Cardano, Charles Hoskinson, and the founder of Polkadot, Dr Gavin Wood, were part of the original seven co-founders of Ethereum.
In their current roles, Hoskinson and Wood lead projects that are regarded as having the potential for significant worldwide impact, added Chand.
FD7 Ventures, which also has offices in Toronto, said it has already begun the process of converting their Bitcoin to Cardano and Polkadot and expects to complete the conversion transactions next month.Chand said earlier this month: “Being a purchaser of bitcoin and other cryptocurrencies since 2011, I have watched the industry mature. From family offices, to business leaders and entertainment figures, we are seeing an increased demand for investment alternatives. As the space grows, execution risk remains in both storage and custody, and vetting of credible investment alternatives. Our mission is to offer a de-risked and credible path for seasoned investors to enter the space.”
The company said it has made its first three investments in projects based out of Toronto and Dubai.