According to FD7 Ventures Managing Partner, Prakash Chand, Bitcoin’s market cap will reach $10 trillion in a few years, with Cardano (ADA), Polkadot (DOT) and Ethereum (ETH) not too far behind.
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FD7 Managing Director Prakash Chand (Photo: Business Wire)
Chand, who is the Founder of Ask The Doctor, a Bitcoin investor since 2011, and Managing Partner of billion-dollar global cryptocurrency investment fund FD7 Ventures, believes more people will continue to add cryptocurrency to their portfolio in the next two years, raising the market cap of all cryptocurrencies.
“The new generation of retail investors who got burned on Robinhood will turn to the cryptocurrency markets. We will see a lot of stimulus checks invested in the crypto market over the stock market.” Said Chand.
“It’s pretty cool to see this young generation learning to invest.” Chand continued. “When I was 21, I was worried about spending all my money on a car—a depreciating asset. This new generation is so much more advanced than my generation. They love investing in crypto and find it more appealing than the regular stock market, which is dominated by conventional wall street suit-and-tie types.”
The catalyst for Chand’s increased interest in Ethereum, Polkadot and Cardano was the many conversations he had with a friend and mentor, who is also one of the founders of Ethereum. After those discussions, Chand says, his curiosity about the altcoins deepened.
While Chand does not disclose which of the founders of Ethereum he is referring to, he does note that his friend “is one of the smartest human beings living today. Listening to him is what prompted me to spend hours researching Cardano and Polkadot.”
He went on to say he believes Bitcoin is “a great store of value, with an excellent brand name behind it, but that is pretty much it where it stops. Cardano, Ethereum, and Polkadot, on the other hand, are platforms that are disrupting Education, Finance, Healthcare and many other industries.”
In the last week alone, Chand says the fund has had numerous high-net-worth individuals and institutions approach them about Cardano and Polkadot.
Chand thinks it will be difficult for ETH, DOT, and ADA to beat Bitcoin in terms of market in the near term but believes in 5-7 years they will have the ability to surpass Bitcoin’s market capitalization.
The FD7 Managing Partner said that he does not look at short term prices for these tokens. Instead, he says a slightly longer outlook of a few years holds the possibility of Bitcoin that is 10x its current price, while Ethereum, Polkadot and Cardano have the potential to each rise by 20-30x, if not more, from their current value.
FD7 has been a constant in cryptocurrency news headlines in the last few weeks with recent announcements that they were converting $750M of their funds from BTC to ADA and DOT, confirmation that they completed the $380M of funds being converted to ADA, and an announcement that they have invested in the exclusive BitcoinBlack all metal premium credit card, acquiring 33% Class A voting common shares in the company.
About FD7 Ventures
With offices in Toronto, Dubai, and Bangalore, FD7’s team leads investments in all stages of blockchain and crypto projects and manages cryptocurrency assets for high-net-worth investors.
To learn more about FD7 Ventures and their holdings, visit their website at fd7.ventures.