The Terra Foundation has added another 4,117 BTC to its reserve as per the reports provided by Wu Blockchain.
As per their reports, the current stack of BTC reserves of Terra Foundation stands at a staggering 39,897 BTC. Terra purchased the BTC for approximately $1.7 billion.
Terra founder’s $10 BTC reserve goal
Do Kwon announced last month in a tweet that $UST with $10 B in BTC reserves will open a new monetary era of the Bitcoin standard.
Kwon, the founder of Terraform Labshas specific plans in mind, including his dream of accumulating $10billion in bitcoin and adding it to its reserves. Terra, with its decentralized blockchain platform, specializes in minting stablecoin.
Kwon also stated that the foundation would use the BTC reserves to backstop short-term UST redemptions and a decentralized forex reserve.
Kwon also made a tweet after his BTC buying spree began, “We start buying BTC, and Twitter verifies me, I see you, Jack,” aimed at Jack Dorsey, who is a Bitcoin bull and former CEO of Twitter.
The latest purchase of Bitcoin is nearly $1.7 billion at the current price of $42,752 for the digital commodity. As a result, the Luna Foundation will need to acquire an extra $8.3 billion worth of BTC to reach its goal of holding $10 billion in BTC and become the second-largest Bitcoin holder behind Satoshi Nakamoto.
The Luna Foundation’s acquisition of 4,130 Bitcoin did not trigger a knee-jerk reaction in the crypto markets. The King of Crypto is stabilizing above the critical $42,00 support at the time of writing.
Institutions and individual investors are piling BTC to add it to their long-term stash. With only 21,000,000 BTC available for grab, we would certainly see a war where people would be fighting to get a piece of BTC. At that time, one can only imagine what the price of BTC would be.