Terra (LUNA) Crypto Founder Says 'Failure Of UST Is Equivalent To The Failure Of Crypto Itself'

What Happened: In an interview with Fungible Times, Do Kwon, founder of the Terra LUNA/USD protocol, said that Terra intends to be the largest single holder of Bitcoin BTC/USD besides its pseudonymous creator Satoshi Nakamoto.

“The reason I want to get to $10 billion, is that besides Satoshi, we will be the largest single holder of Bitcoin in the world,” he said.

“In that case, like within the crypto industry, the failure of UST is equivalent to the failure of crypto itself.”

Earlier this month, Do Kwon announced Terra’s plans to buy Bitcoin to backstop short-term redemptions of TerraUSD /USD, the U.S.-dollar value pegged stablecoin of the Terra blockchain, and for a decentralized foreign exchange reserve.

The blockchain has already acquired more than 27,000 BTC for this purpose through a wallet address labeled Luna Foundation Guard (LFG).

If Terra’s BTC acquisition goes forward as planned, it would hold more Bitcoin than MicroStrategy Incorporated MSTR, Tesla Inc TSLA, Marathon Digital Holdings Inc MARA and Block Inc SQ put together.