Do Kwon, the creator of Terra has hinted at buying billions in bitcoin (BTC). “Bitcoin is the only hard reserve asset that has been proved out of the digital currencies,” Do Kwon stated when asked why the initiative was eying BTC reserves.”
“It’s quite tough for someone in the crypto community to cast doubt on bitcoin.”
Lark Davis, digital currency influencer, tweeted shortly after announcing that the Terra (LUNA) project had made its first purchase. “Luna makes it’s first 125 million dollar bitcoin buy,” Davis added.
The rumored $125 million Bitcoin acquisition was widely discussed on social media on Tuesday.
While there has been no official confirmation of Luna’s bitcoin (BTC) purchase, a Gnosis safe address allegedly controlled by it purportedly transferred $125 million in USDT to Binance.
Do Kwon, Luna founder, ‘Looks Forward to Building With Bitcoin,’ according to reports – the project has reportedly acquired $125 million in bitcoin.
Dan Held, a BTC supporter and the head of growth marketing at Kraken, greeted the community the same day. Held tweeted, “I encourage all initiatives and protocols that wish to build on Bitcoin/use Bitcoin.” “I’m looking forward to seeing what [Do Kwon] and the Terra community come up with.”
“Looking forward to growing together,” Do Kwon said in response to Held’s statement.
Do Kwon looks to grow terra with bitcoin
Over the previous 12 months, both Terra (LUNA) and the network’s stablecoin UST have witnessed tremendous growth.
LUNA has gained 323 percent versus the US dollar this year, and the stablecoin UST is the fourth-largest USD stablecoin in terms of market capitalization, with $15.6 billion.
On Tuesday, Adam Back, the co-founder and CEO of Blockstream, questioned Do Kwon about the billions of dollars.
Terra’s creator reacted by informing Blockstream’s CEO that the company had $3 billion in “funds available to seed this reserve,” but that “technical infrastructure (bridges, etc.) is still not ready.”
Furthermore, Terra’s creator described how the Terra ecosystem and Luna Foundation Guard generated the funding (LFG).
On Tuesday, Do Kwon told Back, “It’s either BTC or tether.” Terra’s creator stated, “1 billion was recently raised, and 1.2 billion LFG was generated by selling UST against tether, with 0.8 billion remaining to go.”