In terms of the wealthiest Bitcoin wallets, this address has risen to #33.
Do Kwon said that the foundation would buy $3 billion worth BTC in the immediate term.
For its stablecoin reserves, the Luna Foundation, led by Do Kwon, has already bought 24,954.96 BTC in total. The entire worth of this transaction, according to Blockchain explorer, is over $1.1 billion.
As promised, Do Kwon, creator of Terraform Labs and Terra—an Ethereum layer one blockchain competitor—is acquiring $10 billion worth of Bitcoin (BTC) to supplement the project’s stablecoin reserves. We predict an additional $8.9 billion in BTC purchases over the long run with its current 1.1 billion USD accumulation.
According to Bit Info Charts, it has been gathering Bitcoin since January 2022 and has grown dramatically since March 22nd, 2022. In terms of the wealthiest Bitcoin wallets, this address has risen to #33. Within a short period, Terra’s stablecoin, UST, has created an exceptionally robust DeFi ecosystem-based mostly on the token’s staked value, making it the top blockchain in terms of staked value.
Eyeing Total of $10 Billion BTC
The Luna Foundation Guard secured $1 billion from crypto-focused venture investors late this month to fund the creation of a Bitcoin reserve for Terra’s UST stablecoin. Terra’s LUNA tokens were sold privately to raise the money for this investment round.
Do Kwon said that the foundation would buy $3 billion worth BTC in the immediate term and another $7 billion at a later date, with no precise dates given. According to some, Terra’s decision to buy Bitcoin has sparked a lot of debate in the crypto world over whether or not it was a wise investment. According to CoinMarketCap, the Terra price today is $115.82 USD with a 24-hour trading volume of $2,965,429,963 USD. Terra has been down 0.20% in the last 24 hours.