The Bitcoin wallet belonging to Terra amassed a further $139,000,000 in Bitcoin, bringing its total coffers up to 31,000 BTC or $1.47 billion.
Watch out Michael Saylor! Do Kwon, the CEO of Terraform Labs is hot on the Microstrategy CEOs 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. Terras 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.
Ultimately, Do Kwons 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 Terras buys are propping up the Bitcoin market, while LUNA is hitting new highs.