Terra Added $230 Million To Boost Its BTC Reserves To $1.6 Billion

Terra added $230 million to boost its BTC reserves to $1.6 billion with the founder Do Kwon saying he wants to grow the sum to $10 billion so let’s read more in today’s latest Bitcoin news.

The BTC reserve just got a step closer to the $10 billion BTC reserve goal. The Terra founder Do Kwon added another $230 million in BTC to the Luna LFG Wallet and the wallet now has up to 35,767.98 BTC worth about $1.6 billion. Kwon also listed the buy on a to-do list which 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 he made a BTC buy was at the end of March and added $135 million worth to the reserve with LUNA hitting an all-time high of $106.14 but this wasn’t the case today. The crypto market dropped by 6% to $2.1 trillion and left a trail of red across the top coins with BTC crashing by 5%  and ETH by 7%. Solana also dropped by 12% according to CoinMarketCap. After setting a new high of $119 on April 5, the LUNA price dropped by 8% after Kwon announced he would sell all funds to the BTC reserve. It was not enough to drop LUNA from the top 10 and the $37.6 billion market cap made it the seventh biggest coin as of Wednesday afternoon. Kwon said that establishing an all-BTC reserve for LUNA Will open a new monetary era for the BTC standard.

In the interview with Bloomberg, he explained that he believes this is the strongest way to back the UST stablecoin:

“The reason why we are particularly interested in Bitcoin is that we believe that [it] is the strongest digital reserve asset. UST is going to be the first internet native currency that implements the Bitcoin standard as part of its monetary policy.”

$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

As recently reported, Terra’s founder revealed, that a crash in the price of BTC Will is negative for the stability of the UST stablecoin but he expects bitcoin to go up anyway. Terraform labs is the entity behind the Terra blockchain which plans on buying a total of $3 billion in BTC and back the UST stablecoin. Kwon made the comments in an interview on the Unchained podcast where host Laura Shin asked Kwon about the short-term implications of holding so much BTC and what it means for the stability of UST.