Terra Just Bought another 2,943 Bitcoin for $139M, Now Holds $1.45B Bitcoin On The Way To $10B!
Terra is on the way to be the top Bitcoin holder
The Luna Foundation has added 2,943 BTC to its UST reserve, valued at almost $139 million. The purchase is shown on the Luna Foundation Guard’s (LFG) bitcoin address, which now has a total BTC of over 30,000.
Whale Alert tweeted about a huge USDT transfer from an unknown wallet to Binance, and the Co-Founder of Terra Labs Do Kwon responded to the post, implying that this move is from Terra’s wallet.
After that, some crypto investors figured out that the purchase is from Terra’s wallet.
In recent days, Do Kwon has always shown his admiration for Bitcoin. The Luna Foundation Guard has stated that it is considering purchasing up to $10 billion in Bitcoin for its UST stablecoin reserve. That sum is currently around $1.5 billion.
Outside of Satoshi Nakamoto, Do Kwon expects Terra to become the second-largest bitcoin holder. That’s a huge order, and Terraform Labs will have to acquire a lot more bitcoin to meet it. Recent acquisitions, however, tend to indicate that they are committed to doing so.
“Stablecoins are important because they facilitate a ton of different transactions that volatile currencies like luna, solana, or bitcoin cannot… Stablecoins today are, in my opinion, the strongest application and use case in all of crypto,” Do Kwon said in a recent interview.
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