Terraform Labs co-founder Do Kwon, announced buying another 5000 Bitcoins for $230 M. Terraform stands behind the development of the Terra blockchain, which is powered by the UST stablecoin and the LUNA coin. At the time of buying, the BTC price was around $46,000.
Related: Terra founder to replenish reserves of his project with billions of dollars
Last month, Do Kwon revealed that Terraform aims to buy 10 Million in BTC as a reserve to back UST. In a recent interview, he said he thinks BTC is "liquid" enough to deal with any possible de-pegging of UST. Kwon added that people need to believe in crypto more. According to Do Kwon, Bitcoin’s progress shows it turns over more than $20 bln per day. In Kwon's opinion, BTC will be more liquid over time.
Currently, TerraUSD UST has a market cap of over $16.7 bln. Terra’s staking and governance coin LUNA, which helps to keep the UST price stable, currently is the 7th largest crypto. It has a market cap of over $38 bln. LUNA is one of the best performing cryptocurrencies in 2022. It reached a new all-time high of $119 on April 5 this year.