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.
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:
“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.”
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.
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