According to multiple reports and blockchain analysis, Terra bought $125 million worth bitcoin on March 21. There was much discussion about Terra’s bitcoin purchase.
Reports and Blockchain Analysis suggest $125 Million Bitcoin Purchase by Terra
Bitcoin.com News published on Do Kwon, Terra founder, and his tips regarding purchasing billions of bitcoin ( Bitcoin2_ ). Do Kwon answered the question “Why is this project eying Bitcoin reserves?”.
The report was followed by the tweet from Lark, a digital currency influencer stating that Terra (LUNA), the project’s first purchase, had been made. Davis stated that Luna made its first bitcoin purchase worth 125 million dollars. The tweet by the crypto influencer has been retweeted more than 450 times and has nearly 4K likes on Twitter as of this writing.
The purported $125,000,000 in BTC purchases was trending on social media. Terra has not made any official announcement about the Bitcoin (BTC/BTC) purchase. However, Terra reportedly transferred $125,000,000 worth of USDT from Binance to a Gnosis safe.
Dan Held, BTC advocate, and director of growth marketing at Kraken welcomed the Terra community on the same day. Held tweeted, “I welcome all protocols and projects that build on Bitcoin/use Bitcoin.” “Excited to see the Terra community and [Do Kwon] do.”
Do Kwon replied to Held’s comment and responded: “Looking ahead to building together.” Muneeb Ali, the co-founder of Stacks (an open-source smart contract platform that Bitcoin users can use), also responded to Held’s tweet thread. Muneeb Ali tweeted, “This is the way.” “[The] Bitcoin community welcomed developers before 2016. It’s possible to do the same thing now. Developers have the freedom to use Bitcoin in any way they like, but it makes Bitcoin more powerful.
Do Kwon, Terra founder, Insists Project has $3 Billion in Funds Ready for Seed Reserves
Over the past 12 months, Terra (LUNA) as well as the network’s stablecoin USD have experienced significant growth. Year-to date, LUNA has increased 323% against USD and stablecoin UST ranks fourth in market value with $15.6 billion.
Adam Back, Blockstream’s co-founder, asked Do Kwon where the billions were coming from. Terra’s founder replied to Do Kwon by saying that Blockstream has $3 billion in “funds ready for seeding this reserve,” but that technical infrastructure (bridges, etc.) is not yet ready.
Terra’s founder explained how Terra ecosystem and Luna Foundation Guard (LFG) raised the funds. Do Kwon explained that it was BTC or the tether. Terra’s founder said that 1B LFG was recently raised and 1.2B LFG were raised by selling UST to tether. There is still 0.8B left to go.
