Despite the growth of several cryptocurrencies in the digital asset industry, Bitcoin has remained in its top-tier position. Organizations and institutional investors are still giving Bitcoin special attention and treatment. Not only this, blockchains like Terra have also invested heavily in BTC lately which shows the market demand for the leading cryptocurrency token.
In a recent development, the Founder of Terra Blockchain, Do Kwon, has announced that he has bought another $230m worth of BTC. The purchase of more than 5,000 BTC tokens was made on April 6. The total Bitcoin reserves of the Terra blockchain are now at 35,768 BTC. Terra’s interest in buying BTC is no hidden phenomenon, as Kwon has previously expressed his plans of buying Bitcoins forever.
Today I:
– Watered my plants
– Wrote some emails
– Bought 230M in $BTC
– vacuumed the house
– had some mcdonaldsNow off to walk the dog 🤝
— Do Kwon 🌕 (@stablekwon) April 6, 2022
The announcement made by Do Kwon via Twitter was a hilarious one. It stated the list of things Kwon had done, and buying BTC was placed at number three on the list. Consumers responded to this announcement with a series of humorous tweets.
Terra continues to accumulate Bitcoin
According to its initial plans, Terra was supposed to hold $3 billion worth of BTC tokens in its reserves. But soon after that, the reserves were extended to a mammoth $10 billion. Now, the CEO has announced another significant addition to Terra’s Bitcoin reserves.
Terra’s Bitcoin reserves are managed by Luna Foundation Guard (LFG). It is a no-profit organization that is linked with the Terra blockchain. Nonetheless, with its latest BTC purchase, Terra is now the 29th largest Bitcoin wallet in the world. This means that the organization is becoming an influential Bitcoin whale in the world of cryptocurrencies.
With the pace at which Terra is buying BTC, it can become the organization with the highest number of Bitcoin tokens in merely a few months. MicroStrategy currently has the largest Bitcoin reserve with 129,218 BTC. However, Terra has plans for further $10 billion allotments to buy Bitcoin. If it manages to do that on the current average price of around $45K, Terra will accumulate 184,800 Bitcoins. This will make it the largest Bitcoin whale in the world.
The price of Bitcoin has not responded to the bug purchase of the blockchain firm. Bitcoin was rejected at the price level of $48,000, and it is currently trading below the $45K mark. Do Kwon and his organization took this as an opportunity to make the purchase. They eye it as a “buy the dip” opportunity in the crypto market.
