Just a few days ago on March 30, Terra bought $140 million worth of bitcoin. Earlier on March 22, he had added around 1,500 bitcoins to his wallet. According to cryptopotato’s report, Terra holds more than 35,000 bitcoins, which are worth close to $1.62 billion.
Do Kwon, CEO and founder of Terraform Labs, confirmed the purchase on Twitter. Speaking to Bloomberg a few days ago, Do Kwon revealed the reasons for buying Terra’s bitcoins. Told why he chose BTC. He said that the reason we are particularly interested in bitcoin is because we believe it to be the strongest digital reserve asset.
Today I:
– Watered my plants
– Wrote some emails
– Bought 230M in $BTC
– vacuumed the house
– had some mcdonaldsNow off to walk the dog????
— Do Kwon???? (@stablekwon) April 6, 2022
Asked why he disclosed his plans to buy BTC and why it helped potentially move the price forward. He said that being transparent to his community was important to him. Do Kwon also argued that I am not buying bitcoin – I have already donated money so that we can build these reserves on behalf of the community. He also said that once the initial $3 billion is bootstrapped, he will continue to make more purchases to strengthen his reserves.
Do Kwon has also stated that his company is preparing to issue a stablecoin (UST), which will be backed by a BTC reserve, rather than the US dollar, euro or any other fiat currency. According to him, the UST is going to be the first internet native currency that implements the bitcoin standards as part of its monetary policy.
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