A cryptocurrency dark horse is set to eclipse both Tesla and Microstrategy as the top Bitcoin holder.
William Suberg at Cointelegraph reports efforts by Terra, led by Do Kwon, to purchase more Bitcoin, and how that has enriched the company suddenly.
“Since mid-March, buying has accelerated, and in just a few short weeks, LFG’s balance has passed 30,000 BTC,” Suberg writes. “If that weren’t impressive enough, Bitcoin’s bull run, whether associated or not with Terra’s purchases, has netted the organization $165 million in circumstantial profits. At this week’s three-month highs above $48,000, the tally hit $186 million.”
In other words, recent Bitcoin purchases have already gained by nearly $200 million as the per-coin price steadily rises.
Just over a week ago, Bitcoin was struggling to meet the $40,000 mark. As of press time, it’s over $47,000 and tracking toward its next round number at $50K.
Meanwhile, the Luna Foundation Guard, a nonprofit related to Terra, is pursuing plans to issue a UST stablecoin along with its LUNA token.
The company, Do Kwon says, plans to buy $10 billion in Bitcoin, putting it before Microstrategy and Tesla in total Bitcoin holdings. (We have recently reported on plays by both of these better-known investors.)
The other two parties in the top five are Marathon Digital and Square.
Though detractors like Peter Schiff say Terra is trying to “pump more air into the Bitcoin bubble,” Kwon suggests that instead, Bitcoin is proving its stability by not being hackable by individual holders.
“Fortunately Bitcoin is neutral, it cares not what I nor anyone else thinks, and it is mighty,” Kwon tweeted, in direct response to Schiffian comments. “Purchasing significant amounts of bitcoin creates information asymmetry between insiders (prof traders & desks) and everyone else. _I_ am not buying bitcoin, the reserve is for the communities of users that use UST – numbering in the millions.”
Factor Terra’s moves into the equatiojn as you think about what’s next for Bitcoin.
