Michael Saylor, be on the lookout! Do Kwon is the CEO of Terraform Labs and is a hot target for the Microstrategy CEO. After another large BTC purchase, the Terra wallet now has almost $1.5 billion worth of Bitcoin (BTC).
Although Terra is not confirmed, the wallet address believed to be Terra received 2943.00002511 Bitcoin (a total of $139 million) on Wednesday. Twitter wallet alert accounts have been monitoring the wallet.
Since Jan. 21, the wallet has amassed colossal Bitcoin amounts and not sold one Satoshi.
Terra Bitcoin wallet slowly but surely amassed billions of BTC. Source: bitinfocharts
The chart shows that the wallet injected 10k bitcoins on 21 January, but the wallet started stacking sats on March 22nd. This timing is consistent with announcements by the CEO that $UST will have $10B+ in $BTC reserve to open a new era of Bitcoin money.
TerraUSD (UST), an algorithmic stablecoin would be tied to the United States dollar’s value. Bitcoin reserves will back the value of these dollars’. The creation of the stablecoin will also be influenced by Terra’s token Terra, (LUNA).
Do Kwon has been stacking Bitcoin sats faster than any of the largest Bitcoin bulls. According to BitcoinTreasuries Terraform Labs is poised to surpass Tesla as the second largest holder of Bitcoin with Microstrategy.
Current status of publicly traded companies that have Bitcoin treasuries. Terra will soon surpass Tesla. Source: Bitcointreasuries.et
Related: MicroStrategy subsidiary will purchase Bitcoin after closing $205M crypto-collateralized loan
Do Kwon says that his ultimate goal is to have his Bitcoin funds rival those of Satoshi Nakomoto (an anonymous creator of Bitcoin).
Just getting started pic.twitter.com/dJrkf6YfrR
— TerraLunaaaa (@TerraLunaaaa) March 30, 2022
Despite the lackluster price action in the last 72 hours, it appears that Terra’s purchases are helping to prop up the Bitcoin market while LUNA is reaching new heights.