What Took place: In an job interview with Fungible Situations, Do Kwon, founder of the Terra LUNA/USD protocol, mentioned that Terra intends to be the largest one holder of Bitcoin BTC/USD other than its pseudonymous creator Satoshi Nakamoto.
“The cause I want to get to $10 billion, is that apart from Satoshi, we will be the major solitary holder of Bitcoin in the globe,” he claimed.
“In that circumstance, like in the crypto market, the failure of UST is equal to the failure of crypto by itself.”
Previously this month, Do Kwon introduced Terra’s strategies to purchase Bitcoin to backstop brief-term redemptions of TerraUSD /USD, the U.S.-dollar value pegged stablecoin of the Terra blockchain, and for a decentralized foreign trade reserve.
The blockchain has currently acquired additional than 27,000 BTC for this purpose by means of a wallet handle labeled Luna Basis Guard (LFG).
If Terra’s BTC acquisition goes forward as planned, it would maintain much more Bitcoin than MicroStrategy Incorporated MSTR, Tesla Inc TSLA, Marathon Digital Holdings Inc MARA and Block Inc SQ place together.
Maintain my beer. https://t.co/918awsBRne
— LFG | Luna Basis Guard (@LFG_org) March 30, 2022
This report was initially released on March 31, 2021.