Big Dubai crypto fund to sell Bitcoin for $ 750M – to buy Cardano and Polkadot

FD7 Ventures, a Dubai-based crypto mutual fund with $ 1 billion under management, has announced plans to sell $ 750 million worth of bitcoin holdings next month. The proceeds from the sale will be used to buy Cardano and Polkadot as the fund’s executive believes ADA, DOT and ETH will be the foundation of Web 3.0.

Cardano and Polkadot are backed by large crypto funds

The crypto industry is ripe for news of large financial institutions and companies acquiring large amounts of Bitcoin. From Jack Dorseys Square, which tops the list with its massive BTC purchases last year, to PayPal and Visa’s crypto payment functionality, to MicroStrategys and Tesla’s billionaire acquisitions – there seems to be a corporate race to buy bitcoins .

However, a large cryptocurrency fund in Dubai has decided to take a different route and sell off the majority of its Bitcoin holdings. FD7, a global crypto mutual fund with $ 1 billion in assets under management (AUM), plans to sell $ 750 million of its BTC holdings over the next month.

According to the company’s press release, the proceeds from the sale will be used to increase the company’s positions in Cardano (ADA) and Polkadot (DOT). The increase in DOT and ADA holdings will better serve the needs of FD7 investors, the company said in the announcement.

Fund manager considers Bitcoin „useless“

Prakash Chand, the managing director of FD7 Ventures, says the fund’s investors are looking to diversify their portfolios in the crypto space.

„Aside from the fact that Bitcoin was the first to hit the market and society has given it importance as a store of value, I think Bitcoin is actually pretty useless,“ Chand said in the press release.

And:

„Projects like Cardano, Polkadot and Ethereum are the basis for the new Internet and Web 3.0.“

And it’s not just portfolio diversification that has driven the fund to Cardano and Polkadot. According to the company, both Cardano’s founder, Charles Hoskinson, and Polkadot’s founder, Dr. Gavin Wood, „two of the brightest minds“ working in the field of crypto.

Both, the company said, are leading projects that it believes have the potential to have a significant global impact. Chand comments that he believes that Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years, which is why the company is trying to stay ahead of the market and expose its investors to its growing assets.

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Does Elon Musk Bulk Buy Dogecoin (DOGE)?

A mysterious crypto wallet has purchased 28.061971 DOGE several times.

This number is probably linked to the date of birth of Elon Musk.

In the meantime, Musk has joined the „Not Your Keys, Not Your Coins“ club

A cryptocurrency wallet containing over $ 2 billion has been spotted buying Dogecoin (DOGE) in a rather unusual way.

An editor has revealed information showing periodic Crypto Investor transactions of identical amounts on the birthday of Tesla CEO Elon Musk .

In a subsection called r / CryptoMarkets, there is a debate over whether the wallet belongs to Elon Musk himself or someone masquerading as him.

Maybe or certainly Elon?

The majority of editors think that whoever has such a large portfolio is making everyone think it’s Musk. However, some arguments point to him as a high bidder.

Many believe that if Musk is the person behind it all, then the crypto community will witness yet another attempt to manipulate emerging markets.

BeInCrypto recently reported that more and more investors are starting to worry about the type of influence Musk has over market movements. Most notably the DOGE, whose cumulative abnormal return (CAR) peaked at 17.31% after Musk simply tweeted :

“One word: Doge”.

Update : Elon has confirmed his purchase of DOGE, although the amount of his purchase remains unclear.

At the time of writing, DOGE is trading at just over $ 0.075, a gain of just over 9% on the day, according to crypto data aggregator CoinGecko . It currently sits tenth in terms of market capitalization and has grown significantly since the GameStop saga .

Just cold storage from DOGE?

On February 4, Binance CEO Changpeng Zhao pointed out that DOGE’s distribution is “sort of centralized” with more than half of the coins held by just 20 wallets.

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