Recently, institutional investors have shown an increased interest in Bitcoin. Following MicroStrategy’s announcement that it has increased its Bitcoin holdings to $5 billion in BTC, Terra Form Labs has done the same, adding $139 million in BTC to its Bitcoin wallet. This takes Terra’s overall Bitcoin stockpile to $1.47 billion (31,000 BTC).
On January 21, the wallet began accumulating enormous quantities of BTC, and no single quantity of Bitcoin has left the wallet since. The wallet first accumulated 10,000 BTC on January 21 and began accumulating enormous quantities of BTC on March 22. This comes after Terra’s Chief Executive Officer, Terra Do Kwon, revealed an increase in Bitcoin holdings. He stated that Terra (UST) with $10 billion or more in Bitcoin (BTC) reserves will usher in a new monetary age of the Bitcoin standard.
Terraform Labs intends to compete with Ethereum with its TerraUSD (UST) algorithm stablecoin, which will be linked to the US dollar. According to the corporation, the value of the dollars might potentially be supported by Bitcoin reserves. Although Terra’s Bitcoin holdings are steadily expanding, it is still a long way from reaching Micro Strategy’s Bitcoin Reserve of $5 billion. Terra’s stablecoin initiative, on the other hand, provides it with plenty of incentive to hoard as much Bitcoin as possible. It’s quickly approaching Tesla, the second-highest Bitcoin stacker, with $1.5 billion in BTC.
Kwon, on the other hand, has a loftier goal. He recently said that Terra’s goal is to ensure that its Bitcoin collection rivals that of Satoshi Nakomoto, Bitcoin’s unknown founder.
Read more:
- Terra acquires USD 125 million worth of Bitcoin as a reserve
- Terra Anchor Protocol (ANC) holds voting to reduce annual returns by 20%
