Terra smash buys $139M Bitcoin, wallet reaches 31,000 BTC

Cointelegraph Team Cointelegraph

Watch out Michael Saylor! Do Kwon, the CEO of Terraform Labs is hot on the Microstrategy CEO’s heels. The Terra wallet has now amassed almost $1.5 billion in Bitcoin (BTC) following another huge BTC purchase.

The wallet address thought to belong to Terra (while not officially confirmed) received another 2943.00002511 Bitcoin ($139 million) on Wednesday. Wallet alert accounts on Twitter have been tracking the wallet.

The wallet began amassing colossal amounts of Bitcoin on Jan. 21 and has not sold a single Satoshi.

Terra Bitcoin wallet gradually then suddenly amassing billions in BTC. Source: bitinfocharts

According to the chart, while the wallet first injected almost 10k Bitcoin on 21st Jan, the wallet began stacking sats in earnest on March 22nd. The timing coincides with announcements from the CEO, who stated that “$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard.”

TerraUSD (UST), an algorithmic stablecoin, would 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 role in the creation of the stablecoin.

As a result, Do Kwon has been stacking sats harder and faster than even the biggest Bitcoin bulls. According to BitcoinTreasuries, Terraform Labs will soon sidestep Tesla as the second-largest holder of Bitcoin–with Microstrategy in its sights.

Current state of publicly traded companies with Bitcoin treasuries. Terra will soon rival Tesla. Source: Bitcointreasuries.et

Ultimately, Do Kwon’s aim –as he says in the following video– is to ensure his Bitcoin coffers rival that of Satoshi Nakomoto, the anonymous creator of Bitcoin.

Meanwhile, with lackluster price action over the past 72 hours, it would appear that Terra’s buys are propping up the Bitcoin market, while LUNA is hitting new highs.

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Cointelegraph Team

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