A crypto company housed within the four corners of the World’s Global City i.e. Dubai has decided to dispose off Bitcoins. The proceeds collected from sale of Bitcoins will be used to purchase tokenized cryptos, particularly Polkadot and Cardano, announces FD7 Ventures. The firm thinks altcoins are the new norm.
Swapping Bitcoins for altcoins is a rare thing considering the continuous growth of Bitcoin within less than 16 months. However, this is going to happen soon in the World’s Global City, Dubai, by a firm involved in the business of crypto investment.
FD7 Ventures is a renowned crypto company which is immensely popular amongst crypto investors residing temporary or permanently in Dubai. Because Dubai is global business hub therefore FD7 Ventures has all sorts of customers i.e. local Arabs, foreigners, expats etc.
However, the crypto investment firm has made an announcement a day ago in which it had decided to dispose off its Bitcoin holding. As per announcement, FD7 informed that it has available with it US$ 750 Million worth of Bitcoins, which it wishes to offload. Interestingly, FD7’s MD, Prakash Chand, informed that the proceeds collected from Bitcoin sales will be utilized for buying altcoins. In particular, the company wishes to acquire Polkadot and Cardano tokens, he informed.
MD FD7 went on to state that he doubts that Bitcoin has any potential of returning any profits and is rather useless. Instead, he praised altcoins as well as Ethereum and suggested that for Web 3.0 the three are the real champions and not Bitcoin. (Both of the altcoins, Polkadot and Cardano, are the products which were generated and launched by Ethereum Blockchain network).
Chand remarked that he had spent considerable time with the creators of Polkadot and Cardano. According to his understanding, both altcoins have immense potential for returning profits for which he isn’t afraid of putting a bet thereon. He believed that in the time so soon both these altcoins will surpass Bitcoin in terms of their values.
However, the crypto community was of the view that the company’s decision is foolish. Although values of both altcoins have increased manifold in the past year, yet comparing them with Bitcoin is nonsensical, exclaimed crypto community.
The current value of Polkadot at which it has been swapping hands as of now is US$ 34.65 per token. On the other hand the present market value of Cardano is US$ 1.36 each token. But if compared with Bitcoin, the present market value of each Bitcoin is US$ 46,985.00.
If market capital of Poladot, Cardano and Bitcoin is to be compared even then there is humongous difference between the three.
The market capital for Polkadot and Cardano for the time being is US$ 27 Billion and US$ 32 Billion respectively. However, to the contrary, Bitcoin’s market capital well beyond US$ 1 Trillion mark.
Whether FD7’s MD is right or wrong, it will be revealed only with the passage of time. But FD7 has proposed to offload Bitcoins between 16th to 31st March, 2021 for acquiring altcoins.