I wish to be the 2nd greatest Bitcoin proprietor after Satoshi

I wish to be the 2nd greatest Bitcoin proprietor after Satoshi

  • Terra founder Do Kwon is on a mission to turn into the second greatest Bitcoin proprietor after founder Satoshi Nakamoto as his bid to purchase $10 billion of BTC gathers steam.
  • Kwon additional stated he’s not anxious a couple of potential value collapse for BTC which might be detrimental to UST value and he expects BTC to maintain hovering.

Do Kwon has been one of the vital influential figures within the crypto house this 12 months, along with his challenge Terra cementing its place within the high ten. Nevertheless, of late, it’s his involvement with Bitcoin that has tongues wagging, and in a latest podcast, he made his aim recognized – he desires to turn into the second-largest Bitcoin proprietor after Satoshi Nakamoto.

Kwon was on the favored Unchained podcast, hosted by Laura Shin the place he talked about Terra and the way LUNA and UST work, why he determined to undertake the Bitcoin customary for UST, and what would occur to UST if the value of Bitcoin crashes. As he has turn into infamous for, he made some controversial statements within the one-hour podcast, together with saying that Terra has turn into a Layer 2 resolution for Bitcoin.

In response to Kwon, ought to Bitcoin crash within the close to future, the impact could be ‘unfavorable’ for UST.

The worst case could be if we had been shopping for Bitcoin and a crash occurs six months later, and it’s correlated with a large fall in demand for UST. […] I’m type of betting that the long-term situation of Bitcoin going up, and the reserves being robust sufficient to resist UST demand drops is the extra doubtless situation.

As CNF has reported, Terra, by means of its treasury which is named the Luna Basis Guard, has been accumulating Bitcoin to again its UST stablecoin. Not like Tether, USD Coin, and different high stablecoins, UST isn’t backed by {dollars} in reserve. Reasonably, it’s backed by an algorithmic burning of LUNA tokens, with every UST being tied to $1 price of LUNA.

Additionally Learn: Terra founder Do Kwon plans to acquire $10B BTC for reserves

The aim for Do Kwon is to turn into the second-largest BTC holder after Satoshi.

I believe if we increase to 10 billion US {dollars}, the explanation I wish to get 10 billion US {dollars}, is in addition to Satoshi, we would be the largest single holder of Bitcoin on the planet.

At press time, UST’s market cap is $16.5 billion, making it the 14th-largest cryptocurrency and the fourth-largest stablecoin after Tether, USDC and Binance USD. Kwon has an formidable aim of creating UST the most important stablecoin on the planet. To do that, Terra must print about 4 instances extra UST tokens than it does now, with Tether’s market cap being $82.1 billion.

Kwon said:

Terra’s aim is to turn into the most important decentralized foreign money in crypto, interval. The aim is to not turn into the most important stablecoin on the Terra blockchain, so we develop to say the Solana, Avalanche, Ethereum, and Polygon ecosystems. We plan to be in all places the place there are builders and customers.

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