Look at Michael Saylor! Terraform Labs CEO Doo Kwon is hot on the heels of MicroStrategy’s CEO. Terra Wallet has now accumulated nearly $1.5 billion in bitcoin (BTC) after another large BTC purchase.
The wallet address believed to belong to Terra (while not officially confirmed) received another 2943.00002511 bitcoins ($139 million) on Wednesday. Wallet Alert accounts on Twitter are tracking the wallet.
The wallet began accumulating massive amounts of bitcoin on January 21st and did not sell a single Satoshi.
According to the chart, while the wallet first injected around 10k bitcoins on January 21st, the wallet started depositing in earnest on March 22nd. The timing coincides with the announcement from the CEO, who said that “$UST with $10B+ in $BTC reserves will open a new monetary era for bitcoin Standard,
TeraUSD (UST), an algorithmic stablecoin, will be pegged to the value of the United States dollar, and the value of these ‘dollars’ will be backed by bitcoin reserves. Terra’s token Terra (LUNA) will also play a part in the creation of the stablecoin.
As a result, Do Kwon has been staking harder and faster than the biggest bitcoin bulls. According to Bitcoin Treasury, TerraForm Labs will soon elude Tesla as the second largest holder of bitcoin — with Microstrategy in its sights.
RELATED: MicroStrategy subsidiary will buy bitcoin after closing $205M crypto-collateralized loan
Ultimately, Do Kwon’s purpose—as he says in the following video—is to ensure that his bitcoin coffers rival the anonymous creator of bitcoin, Satoshi Nakomoto.
just getting started pic.twitter.com/dJrkf6YfrR
— TerraLunaa (@TerraLunaaaaa) 30 March 2022
Meanwhile, with the price slumping over the past 72 hours, it appears that buying TERRA is propelling the bitcoin market while LUNA is hitting new highs.
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