A crypto investment company with $1 bln in assets under management is selling bitcoin to solidify its position in the two largest altcoins by market capitalization.
Prakash Chand, managing director of Dubai-based firm FD7 Ventures, says bitcoin is taking a pioneering position as a digital store of value. However, he believes other projects could surpass the leading cryptocurrency in size and usefulness.
According to the managing director, the firm intends to sell $750 mln of bitcoins and move to Cardano and Polkadot, which he believes are the backbone of the new Internet and Web 3.0. He also noted Ethereum as a crypto asset that could supplant bitcoin in the coming years.