Dubai Fund Sold $750M Worth Of BTC To Purchase DOT And ADA

Dubai fund sold $750 million worth of Bitcoin saying that the coin is pretty useless and altcoins like Polkadot and Cardano are a better bet for investors so let’s read more in our Cardano news today.

The Dubai fund FD7 Ventures sold $750 million worth of BTC and will purchase Cardano and Polkadot instead as per the press release. Both blockchains are high-speed networks that can support low-cost smart contract deployments and will be able to provide scalability to new developers. The fund claims to hold more than $1 billion in net assets with most of that being in BTC. However, its executives said that the assets served the purpose and the new blockchains are a better bet now. Prakash Chang, who is the managing director of the fund said:

 “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.”

He added that Cardano, Polkadot, and Ethereum will eventually become more valuable than BTC in the next few years. Chand said that the projects are the foundation of the new internet and Web3 which is a term used to describe the new generation of Internet startups that conducts business in a peer-to-peer manner without having to rely on a third-party. Some examples of these include Cardano’s efforts to create a new blockchain solution that addressed the needs of the unbanked individuals in Africa as well as the developments that we constantly see on the Polkadot network.

In the meantime, Cardano’s founder Charles Hoskinson congratulated the funds’ decision:

 “Welcome FD7 Ventures to the ecosystem. Let us know if you need any technical support.”

FD7 already started purchasing ADA and DOT while in the past 24 hours, the price of DOT dropped by 9% and Cardano defied the market increasing by 4%. As reported recently, The Cardano Daedalus wallet will be receiving its biggest update yet and will bring support for the upcoming ADA protocol that delivers token support to the blockchain. What stands out from the plenty new features introduced is the ability to register to vote for the Catalyst Fund3 project, thus removing unnecessary steps from the on-chain governance. Daedalus can now show the converted value of users’ wallets balances in fiat or crypto and the conversion rates will be provided by CoinGecko but IOHK noted that all conversions should be used as a reference.