The TerraUSD (UST) Bitcoin reserve just got one step closer to its $10 billion Bitcoin reserve goal.
In a series of transactions on Wednesday morning, Terra founder Do Kwon added another $230 million in BTC to the Luna-LFG wallet. At the time of this writing, the wallet held 35,767.98 BTC worth roughly $1.6 billion.
On Twitter, Kwon nonchalantly listed the buy among a to-do list that included watering plants and vacuuming his house.
Today I:
– Watered my plants
– Wrote some emails
– Bought 230M in $BTC
– vacuumed the house
– had some mcdonalds
Now off to walk the dog 🤝
— Do Kwon 🌕 (@stablekwon) April 6, 2022
The last time Kwon made a Bitcoin buy—on March 30, he added $135 million worth to the reserve—Terra’s LUNA token hit an all-time high of $106.14. But that wasn’t the case today.
On Wednesday, the crypto market cap slipped 6% to $2.1 trillion, leaving a trail of red across the top coins. Bitcoin was down 5%, Ethereum down 7%, and layer-1 network Solana’s SOL was down 12%, according to CoinMarketCap.
After setting another all-time high of $119.18 on April 5, the LUNA price slid 8% after Kwon announced he’d added funds to the Bitcoin reserve. But it wasn’t enough to drop LUNA from the top 10: Its $37.6 billion market cap made it the seventh-largest coin as of Wednesday afternoon.
Kwon previously has said that establishing an all-Bitcoin reserve for Terra’s stablecoin will “open a new monetary era of the Bitcoin standard.”
$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard.
P2P electronic cash that is easier to spend and more attractive to hold #btc
— Do Kwon 🌕 (@stablekwon) March 14, 2022
In an interview with Bloomberg last month, he explained that he thinks it’s the strongest way to back UST.
“The reason why we are particularly interested in Bitcoin is because we believe that [it] is the strongest digital reserve asset,” Kwon said. “UST is going to be the first internet native currency that implements the Bitcoin standard as part of its monetary policy.”
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Source: https://decrypt.co/97101/terra-adds-230-million-to-push-bitcoin-reserve-to-1-6-billion
