Terra Is Up By $165M With Its BTC Stash Nearing The One Of Tesla

Terra is up by $165 million after its recent Bitcoin purchase and its BTC stash is almost nearing the one of Tesla so let’s read more in today’s latest Bitcoin news.

The Luna Foundation Guard is in the green as the Terra co-founder Do Kwon noted that he is not capable of moving the BTC market. Bitcoin already netted its biggest buyer of $200 million in profit from the price increase as the data shows. Analysis of the wallet related to the blockchain protocol Terra revealed that since it started amassing BTC in the first quarter of the year, Terra is up by $165 million.

1/ If I was capable of moving #btc it would not be fit as a reserve asset

Fortunately Bitcoin is neutral, it cares not what I nor anyone else thinks, and it is mighty 💪 https://t.co/y8vQPDvSE2

— Do Kwon 🌕 (@stablekwon) March 30, 2022

The Luna Foundation Guard is a nonprofit organization that is following through on its plans to back its new TerraUSD stable coins with both BTC and its native LUNA token. The plans were revealed this month by Do Kwon but the destinations wallet has been active for longer than that and even saw a huge inflow back in January. In March, the buying accelerated, and in a few weeks, the balance passed 30,000 BTC. If this wasn’t impressive enough, Bitcoin’s bull run netted $165 million in profits, and at this week’s three-month high above $48,000 the tally hit $186 million. The gold bug Peter Schiff however criticized Terra’s plans while Kwon denied the idea that such a huge volume investment can produce BTC price upside:

“If I was capable of moving BTC it would not be fit as a reserve asset.”

Hold my beer. https://t.co/918awsBRne

— LFG | Luna Foundation Guard (@LFG_org) March 30, 2022

Schiff argued that the goal of backing a US dollar stablecoin with other than a USD makes no sense. This would make the holdings dwarf those of the other “whale entities” like Microstrategy which is the world’s biggest corporate BTC treasury of 125,051 BTC while Microstrategy plans to keep on buying and there’s no such commitment from Tesla that has 43,200 BTC. It is possible that LFG will outpace it soon and in terms of net profits, Tesla is up by 1.36 times against the initial purchase price while MicroStrategy is up by 1.6 times.

As recently reported, Bitcoin’s recent price surge continued in the past day and the asset touched and surpassed $48,000 for the first time in months with most altcoins calming down but Terra charted more gains and broke above $100 hitting a new high.