Terra’s Founder Do Kwon said that the company would become the world’s largest Bitcoin (BTC) holder in the future.
Do Kwon claims to become the largest Bitcoin holder after Satoshi Nakamoto by continuously purchasing Bitcoin for building reserves for the UST stablecoin. The LUNA Foundation Guard (LFG), a non-profit for the Terra ecosystem will buy BTCs for building UST’s $10 billion Bitcoin reserve.
Terra Founder Do Kwon announces future Bitcoin plans
Colin Wu, a Crypto reporter tweeted on March 30 about Terra founder Do Kwon’s future intentions for bitcoin holding and increasing the UST’s Bitcoin reserve. The text of the tweet is as follows:
“Terra founder Do Kwon said that they will become the world’s largest single Bitcoin holder other than Satoshi Nakamoto in the future. He emphasized that the UST’s Bitcoin reserve target remains at $10 billion.”
The Terra founder disclosed in a recent interview that the company plans to create a $10 billion bitcoin reserve for its UST stablecoin, up from the present $3 billion Bitcoin reserve. He also spoke on the major advantages of Terra’s design, the importance of developing a community of builders and developers, and the lack of regulatory clarity over cryptocurrency in the United States despite its success in South Korea and globally.
Commenting on the need for decentralized stablecoins as well as the supply and price of LUNA, Do Kwon said:
“I’m witnessing firsthand the product-market fit and the massive growth and demand for decentralized stablecoins and as UST grows and gets adopted by more users LUNA fundamentally has to become more scarce.”
LUNA Price Reaches ATH
Since announcing the plan of building a $10 billion Bitcoin reserve for UST the LUNA price has soared within a week to hit an all-time high of $109.06 on March 29. Moreover, the price of LUNA will soar higher as Terra founder Do Kwon predicts, and LUNA will become increasingly scarce.
The price of LUNA has risen over 15% in the last week, according to CoinMarketCap. The LUNA price is currently trading at $106, up approximately 3% in the last 24 hours.
