Dubai-based crypto fund calls Bitcoin "useless"

For many investment firms, bitcoin is perhaps the only asset worth buying. Its popularity and value give the asset a credibility that other altcoins have yet to achieve.

But for a Dubai-based crypto investment fund, Bitcoin doesn't meet the requirements of a flagship digital asset. Hence the company's decision to sell $ 750 million of the reference asset in exchange for Polkadot (DOT) and Cardona (ADA). FD7 Ventures, which has $ 1 billion in its custody, will secure the aforementioned altcoins within 30 days to help strengthen the company's holdings in ownership of these altcoins.

“Bitcoin is actually pretty useless,” says the director of FD7

FD7 Ventures CEO Prakash Chand made some statements about Bitcoin, calling the asset "rather useless" and noting that most of Bitcoin's credibility comes from its introductory cryptocurrency stance.

“Aside from the fact that Bitcoin was the first digital currency on the market and the company gave it meaning as a store of value, I think Bitcoin is actually pretty useless. Projects like Cardano, Polkadot and Ethereum are the foundations of the new Internet and Web 3.0, ”he added.

As the firm's investors seek to diversify their altcoin holdings, the Bitcoin to Cardano (ADA) and Polkadot (DOT) conversion process is already in place and is expected to be completed by March.

Bitcoin could lose its place due to three altcoins

Chand, who has taken his time to study the market and carry out extensive research on altcoins, predicts that Bitcoin will not be as valuable as some of the major altcoins in the short term. According to him, altcoins such as Ethereum, Cardano and Polkadot will surpass the value of Bitcoin in the near future.

He said: "I've been lucky enough to spend a lot of time with the brightest minds in the cryptocurrency field and I'm willing to bet that Ethereum, Cardano and Polkadot will be more valuable than Bitcoin in the coming years."

Cardano (ADA) and Polkadot (DOT), the fifth and sixth most popular cryptocurrencies respectively, have performed very well in the past. While DOT, released to the market in August last year, is fairly new, demand for the asset has managed to remain high.

At the last check, DOT is worth $ 30, a 164% increase from its introductory price of $ 2,90. quotations in real time). Cardano, which bills itself as a "public blockchain platform for smart contracts", has outperformed many altcoins in market performance. Recently, the asset temporarily regained third place after an open interest of $ 580 million catapulted its price above $ 1.

But even if both assets outperform their counterparts, overcoming Bitcoin is an obstacle that requires both increased momentum and adoption. It therefore remains to be seen how and when the marathon to the summit will start.