The CEO of Terraform Labs says that they will continue to add stacks of bitcoin to their reserves, which could lead to new all-time highs. The plan is for the organization to become the largest holder of the digital currency in the world.
Terra On Course To Become Bitcoin’s Biggest Holder
The Luna Foundation Guard (LFG) outlined plans to purchase billions of dollars worth of bitcoin as an additional security layer for its UST stable coin, which has caused Terra to steal the spotlight.
On Wednesday, the Terra wallet had an additional 2,943 BTC, bringing its total to 30,728 BTC. The LFG has exceeded the initial target of $1 billion, despite not selling a single Satoshi.
The long-term goal is to build a humongous $10 billion fund to serve as a release valve for UST redemptions. Terra’s UST is fourth in the market. It is pegged to the US dollar and created by burning LUNA. LFG has been using a form of currency.
Terra’s ultimate goal is to become the largest single holder of the digital currency in the world, according to the founder. It is believed that this honor is held by the inventor of the company, Satoshi Nakamoto.
Terra has been loading up on BTC fast and has a chance of catching up with MicroStrategy after that.
Bitcoin Buys Might Send LUNA Moon-Bound
LFG announced plans to get $10 billion BTC for reserves and LUNA has been on fire. The ninth-ranked Cryptocurrencies has been setting records. LUNA could be primed to fly higher if Kwon is able to ensure his Bitcoins rival that of Satoshi.
Building a BTC reserve is a great way to ensure that the fluctuations of UST during high market volatility are not significant. There is more demand for UST. This could act as rocket fuel for the token. The price of LUNA was $103 at publication time, a 3.86% loss.
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