The price of Bitcoin is projected to rise dramatically due to Terra’s plan.
The business intends to surpass Satoshi Nakamoto’s holdings in bitcoins at some point.
More than $139 million worth of Bitcoins has apparently been purchased by Terra lately. Terraform Labs Co-Founder, and CEO Do Kwon recently made public intentions to back their UST stablecoin with a BTC reserve instead of US Dollars. This acquisition coincides with that announcement. New ground has been set by UST, a cryptocurrency, by becoming the first to implement the BTC-based monetary policy standard.
According to the company’s wallet, Terra has been buying approximately 3,000 BTC every day since March 20. There were 9,564 BTC in the wallet on March 20, but there are currently well over 30,000 coins in the wallet worth well over $1.5 billion.
Intends to Surpass Satoshi Nakomoto
Terra, according to Kwon, has set aside $3 billion over the next three months to accumulate BTC. The business intends to surpass Satoshi Nakamoto’s holdings in bitcoins at some point. Because of this, large-volume hodlers like Terra now have a considerably greater quantity of Bitcoin than the crypto exchanges do.
Furthermore, suppose large-volume hodlers like Terra continue to accumulate BTC and treat it more like a store of wealth than a means of exchange. In that case, experts believe that the proportion of BTC held as illiquid supply will rise at an exponential rate going ahead.
The price of Bitcoin is projected to rise dramatically due to Terra’s plan to increase its BTC holdings to at least $10 billion. The trading channel for Bitcoin has narrowed even more during the previous week, to a range between $42,000 and $47,000. According to CoinMarketCap, the Bitcoin price today is $46,607.06 USD with a 24-hour trading volume of $32,447,434,586 USD. Bitcoin is down 1.08% in the last 24 hours.