Recently, the founder of Terra Do Kwon hinted at buying $ 3 billion in bitcoin to bolster the protocol’s reserves and according to some reports and blockchain analysis, Terra bought $ 125 million bitcoin on March 21st. The next day, the fiat value of bitcoin jumped to. a maximum of $ 43,079 per unit and there has been a lot of discussion about Terra’s reported bitcoin purchase.
Blockchain Reports and Analysis Suggests $ 125 Million Bitcoin Purchase by Terra
On March 21, 2022, Bitcoin.com News reported on the founder of Terra Do Kwon and his suggestions about buying billions in bitcoin (BTC). After being asked why the project is looking BTC reserves, So Kwon said: “Bitcoin is the only hard reserve asset that has been proven out of digital currencies … It is very difficult for someone in crypto to question bitcoin.”
Following the report, the influencer of digital currency Lark Davis tweeted that the Terra (LUNA) project made its first purchase. “Luna is making its first bitcoin purchase worth $ 125 million,” Davis said. The cryptic influencer’s tweet has been retweeted more than 450 times and has close to 4K likes on Twitter at the time of writing.
On Tuesday, the alleged $ 125 million in BTC purchase was trend a lot on social media. While there was no official mention of the bitcoin (BTC) purchase of Terra, a secure address of Gnosis reportedly owned by Terra transferred worth $ 125 million USDT at Binance.
The same day BTC activist and director of growth marketing at Kraken, Dan Held, welcomed the Terra community. “I welcome all projects and protocols that want to build Bitcoin / use Bitcoin,” Held tweeted. “It simply came to our notice then [Do Kwon] and the Terra community will do it. ”
So Kwon responded to Held’s comment and answered: “Expect to build together.” Stacks’ co-founder, an open source smart contract platform for Bitcoin, Muneeb Ali also responded to Held’s Twitter thread. “That’s the way it is,” said Muneeb Ali tweeted. “[The] Bitcoin community was welcome to developers before 2016. We can do the same now. Developers can use Bitcoin as they want, it just does BTC stronger. ”
Terra Do Kwon Founder Insists Project Has $ 3 Billion In Funds Ready For Semi Reserves
Both earth (MOON) and the network’s stable UST currency has seen significant growth over the past 12 months. So far, LUNA has risen 323% against the US dollar and the stable UST is the fourth largest USD stable in terms of market valuation at $ 15.6 billion.
On Tuesday, Blockstream co-founder and CEO Adam Back asked Do Kwon where the billions of dollars are coming from. The founder of Terra answered telling the Blockstream executive that the organization has $ 3 billion in “funds ready to sow this reserve,” but he added that “technical infrastructure (bridges, etc.) is not yet ready.”
In addition, the founder of Terra also explained how the funds were obtained from the Terra ecosystem and Luna Foundation Guard (LFG). “It simply came to our notice then BTC or a chain, ”Kwon told Back on Tuesday. “1B has been raised recently and 1.2B LFG has gained by selling UST in exchange for a chain, 0.8B or so remains to leave,” the Terra founder added.
What do you think of the reported $ 125 million bitcoin purchase by Terra and the statements made by Do Kwon? Tell us what you think in the comments section below.
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