Terra adds $230m to BTC preserves

Stablecoin protocol Terra is edging closer to its $10bn BTC reserve goal, according to an announcement by founder Do Kwon.

Kwon added a further $230m into the Luna-FLG-wallet through a series of transactions on the morning of Wednesday April 6, which at the time showed the wallet was holding 35,767.98 BTC equating to roughly $1.6bn.

Kwon took to Twitter in March to explain that a BTC reserve will “open a new monetary era of the BTC standard”, explaining that “P2P electronic cash that is easier to spend and more attractive to hold BTC”.

He then used the social media platform again to announce his latest purchase of BTC alongside what could be seen as an odd ‘to-do list’, one that included household tasks like hoovering his home and watering his plants.

It read: “Today I watered my plants. Wrote some emails. Bought 230m in $BTC. Vacuumed the house. Had some Mcdonald’s. Now off to walk the dog.”

This isn’t the first time that Kwon has bought a large sum of BTC. On March 30 he also added $135m into the reserve, however, adding funds into the BTC reserve, in turn, decreased the price of LUNA.

After its all-time high of $119.18 on Wednesday, LUNA’s price dropped preceding Kwon’s announcement. This wasn’t quite enough to drop the coin off the top 10 spot, with news that its market cap of $3.6bn made it the seventh-largest coin (as of Wednesday).

It’s no secret that the Terra founder is fond of BTC and its possibilities, he told Bloomberg last month: “The reason why we are particularly interested in BTC 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.”

If you’re curious about today’s prices, you can find out more on CoinMarketCap.

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Updated: 04/08/2022 — 14:00