- As of January 21, there have been no sales of any Bitcoin from the wallet.
- Terra’s purchases seem to support the Bitcoin market.
After a massive BTC buy, almost $1.5 billion in Bitcoin (BTC) has now been gathered in the Terra wallet. On Wednesday, Terra’s wallet address got an additional 2,943.00002511 BTC ($139 million), though it has not been formally validated. Twitter wallet alert accounts have been following the wallet’s whereabouts. As of January 21, there have been no sales of any Bitcoin from the wallet.
According to the pattern, while the wallet first injected almost 10,000 BTC on January 21, it started accumulating sats in earnest on March 22. The CEO’s claim that “$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard” aligns with the recent update. An algorithmic stablecoin called TerraUSD (UST) would be tied to the US dollar and backed by Bitcoin reserves to maintain its value. Terra’s native token, LUNA, will play a part in the stablecoin’s development.
Race to the Top Bitcoin Holder
Subsequently, Kwon has been stacking Bitcoin more aggressively and quickly than even some of the most ardent Bitcoin bulls could keep up with. In the next several months, Terraform Labs will overtake Tesla as the second-largest Bitcoin holder, with MicroStrategy in its sights, according to BitcoinTreasuries. Meanwhile, Terra’s purchases seem to support the Bitcoin market, while LUNA is reaching new highs despite the mediocre price movement over the previous 72 hours.
Do Kwon, Terra’s creator, said that the company would soon become the world’s biggest holder of Bitcoin (BTC). Aside from Satoshi Nakamoto, Do Kwon claims to be the second-largest Bitcoin owner after Nakamoto because he buys Bitcoin constantly to create reserves for UST’s stablecoin.
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