Terra Reportedly Acquires $125 Million Worth Bitcoin (BTC)

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  • On Tuesday, a $125 million BTC acquisition was widely discussed on social media.
  • Terra purportedly transferred $125 million worth of USDT to Binance.

On March 21, 2022, Terra’s creator, Do Kwon, spoke about Terra’s purchase of billions of dollars worth of bitcoins (BTC). Also, questioned why BTC reserves were a priority for the project.

Do Kwon said:

 “Bitcoin is the only hard reserve asset that’s been proven out of the digital currencies… It is very difficult for somebody in crypto to question bitcoin.”

Lark Davis, a cryptocurrency influencer, tweeted shortly after the news broke that Terra (LUNA) had made its first purchase. “Luna makes its first purchase of bitcoin worth 125 million dollars,” Davis stated. The tweet of the crypto influencer has 450 retweets and over 4,000 likes on Twitter.

No Formal Announcement Yet

On Tuesday, a $125 million BTC acquisition was widely discussed on social media. Terra purportedly transferred $125 million worth of USDT to Binance using a Gnosis safe address, but no formal announcement has been made about the BTC transaction.

Dan Held, a BTC proponent and Kraken’s director of growth marketing, greeted the Terra community on the same day. Dan said he welcomes any initiatives and protocols that wish to develop or use bitcoin and eagerly anticipates what the Terra community and Do Kwon will accomplish. After hearing Held’s remarks, Do Kwon responded, “Looking forward to building together.”

Over the previous year, Terra (LUNA) and the network’s stablecoin UST have both witnessed tremendous growth. Stablecoin UST is the fourth-largest USD stablecoin by market value, increasing 323% year-to-date versus the U.S. dollar.

Co-founder and chief executive officer Adam Back of Blockstream questioned Do Kwon about the source of the funds on Tuesday. Following up with an explanation for the lack of technological infrastructure, Terra’s founder told the Blockstream executive that the company had $3 billion ready to seed its reserve.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.