Managing Partner of Dubai-based crypto investment fund FD7 Ventures, Prakash Chand, said that Bitcoin’s (BTC) market cap would reach $10 trillion in a few years. He believes Ethereum (ETH), Cardano (ADA), and Polkadot (DOT) will follow suit.
Not just Bitcoin, Chand said he believes more people will include cryptocurrencies in their portfolios over the next two years. This would naturally raise all cryptocurrencies’ market cap, the Managing Director of the $1 billion fund added.
“The new generation of retail investors who got burned on Robinhood will turn to the cryptocurrency markets, Chand explained. “We will see a lot of stimulus checks invested in the crypto market over the stock market,” he prophesied.
Altcoins Could Overtake BTC
Chand said it would be difficult for ETH, DOT, and ADA to beat out BTC in terms of market cap in the near term. However, he said that he does not look at short-term prices for these tokens. He thinks within 5-7 years, BTC could be worth ten times its current price. According to him, this could be dwarfed by ETH, DOT, and ADA. He thinks they have the potential to rise 20-30 times their current price.
A BTC holder himself since 2011, Chand said he believes Bitcoin is “a great store of value, with an excellent brand name behind it.” But his praise stops there. He expressed a similar sentiment earlier, calling Bitcoin “actually pretty useless,” apart from the aforementioned features. “Cardano, Ethereum, and Polkadot, on the other hand, are platforms that are disrupting Education, Finance, Healthcare and many other industries,” Chand argued.
Influential Interest in ADA & DOT
The FD7 Managing Directors said that his interest in the altcoins came from many conversations with a friend and mentor. Although Chand did not name him, this friend and mentor is one of the founders of Ethereum. Chand said he “is one of the smartest human beings living today. Listening to him is what prompted me to spend hours researching Cardano and Polkadot.”
Chand says the fund had several high-net-worth individuals and institutions approach them about Cardano and Polkadot just in the past week. The $1 billion fund earlier announced that it would sell $750 million in bitcoin to buy more ADA and DOT. So far, the fund confirms to have converted $380 of funds to ADA.