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

Watch retired Michael Saylor! Do Kwon, the CEO of Terraform Labs is blistery connected the Microstrategy CEO’s heels. The Terra wallet has present amassed astir $1.5 cardinal successful Bitcoin (BTC) pursuing different immense BTC purchase. 

The wallet code thought to beryllium to Terra (while not officially confirmed) received different 2943.00002511 Bitcoin ($139 million) connected Wednesday. Wallet alert accounts connected Twitter person been tracking the wallet.

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

Terra Bitcoin wallet gradually past abruptly amassing billions successful BTC. Source: bitinfocharts

According to the chart, portion the wallet archetypal injected astir 10k Bitcoin connected 21st Jan, the wallet began stacking sats successful earnest connected March 22nd. The timing coincides with announcements from the CEO, who stated that “$UST with $10B+ successful $BTC reserves volition unfastened a caller monetary epoch of the Bitcoin standard.”

TerraUSD (UST), an algorithmic stablecoin, would beryllium pegged to the worth of the United States dollar, and the worth of these ‘dollars’ volition beryllium backed by Bitcoin reserves. Terra’s token Terra (LUNA) volition besides play a relation successful the instauration of the stablecoin.

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

Current authorities of publically traded companies with Bitcoin treasuries. Terra volition soon rival Tesla. Source: Bitcointreasuries.et

Related: MicroStrategy subsidiary volition acquisition Bitcoin aft closing $205M crypto-collateralized loan

Ultimately, Do Kwon’s purpose –as helium says successful the pursuing video– is to guarantee his Bitcoin coffers rival that of Satoshi Nakomoto, the anonymous creator of Bitcoin.

Just getting started pic.twitter.com/dJrkf6YfrR

— TerraLunaaaa (@TerraLunaaaa) March 30, 2022

Meanwhile, with lackluster terms enactment implicit the past 72 hours, it would look that Terra’s buys are propping up the Bitcoin market, portion LUNA is hitting caller highs.