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Dubai fund to trade $750 million Bitcoin for Polkadot and Cardano

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  • Dubai fund FD7 Ventures is planning to sell $750 million Bitcoin for Cardano and Polkadot.
  • They said Bitcoin is actually useless.

FD7 Ventures, a Dubai-based global cryptocurrency investment fund, has lost interest in Bitcoin (BTC), which has been their dominant crypto-asset. The Managing Director of the Dubai fund, Prakash Chand, mentioned that the cryptocurrency is “actually pretty useless.” Hence, they are planning to sell off the majority of their Bitcoin holdings to buy alternative coins like Cardano (ADA) and Polkadot (DOT), according to the announcement on Thursday.

Dubai fund, FD7 Venture will sell $750 million Bitcoin

FD7 Ventures reportedly holds about $1 billion under management, in Bitcoin. However, the Dubai fund will trade the majority of their Bitcoin holding – precisely $750 million – to purchase the cryptocurrencies of rising projects, Cardano and Polkadot. The process of the conversion is expected to be completed in the coming 30 days.

Dubai fund explained that such a move would help its client to diversify into other promising crypto projects. Besides, they don’t see any use case for cyptocurrency, as the managing director argued:

“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. Projects such as Cardano, Polkadot, and Ethereum are the foundation of the new internet and Web 3.0.”

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In the next five years, Chand said Cardano and Polkadot would be more valuable than Bitcoin, which was trading at $46,768 on Coinmarketcap with a market capitalization of over $871 billion at the time of writing.

Meanwhile, MicroStrategy wants more BTC

While the Dubai fund sells $750 million of its Bitcoin holding, the publicly-listed business intelligence company, MicroStrategy, is looking to raise more funds to buy Bitcoin. Recently, the company made its single-largest Bitcoin purchase, which cost over $1 billion. At the moment, MicroStrategy holds more than 90,000 BTC, and they are not planning to sell anytime soon.

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s are now selling ‘way more’ US Dollars to buy Bitcoin

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El Salvador’s mainstream Bitcoin (BTC) adoption gains momentum during the ongoing bull run as citizens increasingly exchange their United States dollar savings for Bitcoin. 

President Nayib Bukele shared this new development on Twitter based on the data acquired from El Salvador’s in-house wallet service, Chivo. President Bukele said:

“People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs.”

He also urged media outlets to independently confirm the above information by visiting the ATMs. President Bukele further stated that Chivo has reported 24,076 remittance requests “adding up to $3,069,761.05 in one day.”

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The increase in USD to Bitcoin conversions within the jurisdiction reflects a change in investor sentiment, which initially faced resistance during adoption from the general public. Moreover, the Salvadorean government offers various subsidies for using Bitcoin such as fuel subsidies and tax exemptions. 

El Salvador has installed over 200 ATMs after adopting Bitcoin as a legal tender, making it the third-largest network of crypto ATMs after the United States and Canada.

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A Cointelegraph report shows that El Salvador exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs, mainly to facilitate local Bitcoin transactions and Bitcoin to U.S. dollars conversions.

Recently, the Salvadorean government announced to build a $4 million veterinary hospital using the profits attained during the Bitcoin bull market. According to President Bukele, the veterinary hospital will host four operating rooms, four emergency clinics, 19 offices, and a rehabilitation area: “We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”

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Why Bitcoin ETF Is Such A Big Deal and May Push Bitcoin Above $100k?

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Amid a global regulatory crackdown on cryptocurrencies, the U.S. SEC’s approval of a Bitcoin (BTC) Exchange-Traded Fund (ETF) has come as a pleasant surprise to the Bitcoin community. The most awaited ProShares Bitcoin Strategy ETF is reportedly launching as early as Monday, October 18. This ETF is going to be traded with a ticker symbol of BITO and will track Bitcoin futures.

Bitcoin rallies towards $100K

Instead of achieving regulatory green light, Bitcoin price crossed $62K this morning with a slight correction, BTC continued to stand strong at $61.5K, at the time of reporting. The market is raging with speculation of Bitcoin crossing $100K with this ETF. The timing could not have been better as the fourth quarter has commenced the holiday season bull run, with trader bonuses flooding in as cryptocurrencies take to an upward graph. Since the beginning of October, when the potential BTC ETF began gaining mass traction, the impact on Bitcoin prices also became evident.

According to a Bloomberg report, this Bitcoin ETF will further the institutional adoption of the decentralized sphere, specifically focused on Bitcoin. “An ETF should provide greater ease-of-use for retail investors looking to ride Bitcoin’s often hair-raising ups and downs. Like securities tracking oil and gold, it will change hands on relatively familiar U.S. stock-market venues, rather than in cryptocurrency or futures exchanges whose workings are imposing to some users.”

Regulatory approval can make or break a token

The frequently validated fact that regulatory approval radically helps the growth of cryptocurrencies, despite it being a decentralized and unregulated market, continues to gain credibility. XRP is one of the most prominent examples of how drowning in a regulatory puddle may keep certain tokens into a bear rut, while the rest of the industry leaps into the bullish phase. Due to the ongoing XRP lawsuit against Ripple, the XRP community continues to suffer as the fourth quarter has not helped XRP so far. The community blames the SEC for stretching the lawsuit intentionally so that XRP skips this bull run.

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U.S. Patriotism Could Help Bitcoin Surpass $100,000, Says Bloomberg Analyst

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Bloomberg analyst Mike McGlone, who has been predicting the price of bitcoin will go over $100,000 per coin, has revealed he believes U.S. patriotism could help the flagship cryptocurrency hit six figures.

In a tweet, McGlone revealed that U.S: patriotism could help the cryptocurrency’s price move up as the U.S.’s dollar dominance, tax revenue, and other factors could lead the U.S. Securities and Exchange Commission (SEC) to allow a bitcoin exchange-traded fund (ETF) to trade on U.S. exchanges.

In the tweet, the analyst pointed out that the most important reason for his belief is that it counters China’s response to the cryptocurrency space, which was a recent all-out ban that forced cryptocurrency mining operations and exchanges to move out of the country.

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Notably, Bloomberg has reported that the SEC is set to allow bitcoin futures ETFs to begin trading, citing people familiar with the matter who asked not to be named that claimed the regulator “isn’t likely to block the products from starting to trade next week.”

Its sources point out that,  unlike other Bitcoin ETF applicants, proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that SEC Chairman Gary Gensler has said provide “significant investor protections.”

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A Bitcoin ETF approval in the U.S. would be the culmination of a nearly decade-long campaign to list such a product. Crypto advocates have been looking to list it ever since Cameron and Tyler Winklevoss, the founder of the Gemini exchange, filed the first Bitcoin ETF application in 2013.

Approval has, for years, been out of the grasp of issuers who have tried a variety of different methods to get a Bitcoin ETF out on the market. The SEC has in the past expressed concern prices could be manipulated in the crypto space and that liquidity may be insufficient.

Supporting the rumors that a bitcoin futures ETF is set to be listed in the near future was a tweet published by the SEC’s Office of Investor Education and Advocacy, informing investors that before they bet on a fund holding bitcoin futures contract they must carefully weigh potential risks and benefits.

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McGlone, it’s worth noting, has in the past said BTC’s price correction earlier this year was due to its excessive energy use, but noted the move represented “the strength of the world’s largest decentralized network,” before adding its energy use is getting greener.

In November of last year, McGlone accurately predicted that bitcoin would break its previous all-time high of $20,000 and surpass its former all-time high in 2021.  This year, BTC hit a new $64,000 all-time before dropping to a $30,000 low and recovering.

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