Terra founder Do Kwon said that in the future they will become the largest Bitcoin (BTC) holder in the world. Do Kwon claims to become the largest Bitcoin holder after Satoshi Nakamoto by continuously purchasing Bitcoin for building reserves for the UST stablecoin. The LUNA Foundation Guard (LFG), a non-profit for the Terra ecosystem, will purchase BTCs for building UST’s Bitcoin reserve of $10 billion.
Terra Founder Do Kwon Declares Future Bitcoin Plans
Crypto reporter Colin Wu announces in a tweet on March 30 regarding the future plans of Terra founder Do Kwon on bitcoin holding and building the UST’s Bitcoin reserve. The tweet reads:
“Terra founder Do Kwon said that they will become the world’s largest single Bitcoin holder other than Satoshi Nakamoto in the future. He emphasized that the UST’s Bitcoin reserve target remains at $10 billion.”
In a recent interview, the Terra founder revealed the plan to create a bitcoin reserve of $10 billion for its UST stablecoin, from the current $3 billion Bitcoin reserve. Moreover, he discussed the main benefits of Terra’s design, building a community of builders and developers, and the lack of regulatory clarity over crypto in the U.S. despite success in South Korea and globally.
Commenting on the demand for decentralized stablecoins and the LUNA supply and price, Do Kwon said:
Trending Stories
“I’m witnessing firsthand the product-market fit and the massive growth and demand for decentralized stablecoins and as UST grows and gets adopted by more users LUNA fundamentally has to become more scarce.”
LUNA Price Hits ATH
Since announcing the plan of building a $10 billion Bitcoin reserve for UST, the LUNA price has skyrocketed within a week to hit an all-time high of $109.66 on March 29. Moreover, the price of LUNA will rise higher as Terra founder Do Kwon suggests, the LUNA will become more scarce.
As per CoinMarketCap, the LUNA price has risen nearly 15% in the last week. Currently, the LUNA price is trading at $106, up nearly 3% in the last 24 hours.
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- ETH Whales Add Polygon (MATIC) Amid Prices Surge Of 60% In Last 7 Days
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
