Crypto Founder Hints At $3 Billion Bitcoin Buy In The 'Immediate Term'

Do Kwon, co-founder of the Terra LUNA/USD blockchain protocol, said he plans to buy $3 billion worth of Bitcoin BTC/USD in the immediate term.

What Happened: In a Twitter Inc TWTR space hosted by Udi Wertheimer on Mar. 19, Kwon hinted at an imminent large-value purchase which will go towards building Terra’s Bitcoin reserves.

#terra is about to buy $3 billion dollar worth of #bitcoin imminently

to use it as a reserve asset

if you’re a bitcoiner you need to listen to this recording to catch up

you won’t find this info on the timeline of your favorite maxi https://t.co/38837QBs8S

— udiverse (@udiWertheimer) March 22, 2022

Last week, Kwon announced that TerraUSD UST/USD will transition from an algorithmic stablecoin to a Bitcoin-backed stablecoin. Terra plans to build $10 billion worth of Bitcoin reserves for the cause.

Why It Matters: Earlier today, market participants noticed a large transaction on the blockchain leading to speculation that Kwon had gone through with the BTC buy order.

Tonight pamp brought to you by @stablekwon congrats on your 125m $Btc buy sir

— Pentoshi (@Pentosh1) March 22, 2022

Blockchain wallet tracker Whale Alert highlighted a $125 million transfer of Tether USDT/USD to crypto exchange Binance from a wallet associated with Terra.

Crypto traders found that a BTC/USDT buy order was executed on Binance with $60 million worth of buy volume.

If they really using Binance USDT spot then maybe they didn't blow the whole clip in one go. So a little more to go? pic.twitter.com/0boNVEooLX

— Byzantine General (@ByzGeneral) March 22, 2022

Traders speculated that more buying activity may be underway, seeing as the wallet address had a balance of $1.65 billion worth of USDT and USD Coin USDC/USD.

Price Action: Bitcoin saw a sudden spike to $43,124 during Asian hours on Tuesday. The market-leading cryptocurrency was trading at $42,226 at press time, gaining 3.12% in the last 24 hours.