Do Kwon, the founder and CEO of Terraform Labs, has put in two wagers thus far, one for $1 million and the other for $10 million. He particularly predicted that the value of Terra’s “LUNA” token would be greater than $88 in a year’s time. The $1 million wager began on March 13th, 2022, and was placed by a pseudonymous cryptocurrency investor known on Twitter as “Sensei Algod.” Sensei Algod started the wager by offering $1 million to anyone who could prove that the price of LUNA would be lower in a year than it was at the time of the proposal.
The LUNA token was worth $88 at the time of the proposal. “Cool, I’m in,” Do Kwon said. Surprisingly, this wasn’t Do Kwon’s only high-stakes wager. In fact, only a few hours after agreeing to the bet with Sensei Algod, Kwon negotiated a $10 million bet with a well-known trader known as “Gigantic Rebirth” on the identical outcome.
Kwon indicated that if Gigantic Rebirth filled Cobie’s escrow wallet, he would match it at $10 million. This wager is being made at a time when Terra (LUNA) is outperforming Bitcoin (BTC) and has taken the lead in the current market rally. Such high-profile bets undoubtedly help to promote the popularity and enthusiasm surrounding cryptocurrency projects, which will undoubtedly boost the price of the LUNA token, which has already risen to $91 since the bet was formed on March 15th.
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