JAKARTA – Terra (LUNA) founder Do Kwon announced that his party will continue to buy large amounts of Bitcoin (BTC). Kwon also said the buying would not stop until he became the second-largest owner of BTC after Bitcoin creator Satoshi Nakamoto.
Recently the CEO of Terraform Labs explained his plans in an interview on the Unchained Podcast. Kwon explained that this was an effort to support Terra's stablecoin, namely TerraUSD (UST).
Kwon further added that if UST is supported by BTC, it will raise investor confidence in the Terra stablecoin which will expand its network to other blockchains such as Solana, Ethereum, Avalanche, and Polygon.
“Terra's goal is to become the largest decentralized currency in crypto, period. The goal is not to become the largest stablecoin on the Terra blockchain, so we expand to say the Solana, Avalanche, Ethereum, Polygon ecosystems. We plan to be everywhere where there are developers and users," said Kwon, quoted from The Daily Hodl.
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“Now the thing is, it is different from the growing demand for stablecoins in the Terra ecosystem itself where trust in UST is very high – when you want to expand into these different ecosystems then trust in the LUNA collateral match is much less than in the terra ecosystem.”
He also added the power of Bitcoin which can be used as collateral for stablecoins. “But if you have Bitcoin as collateral, then no one really questions it because that is the peak.”
Then Kwon explained his plan to hoard Bitcoin worth 10 billion US dollars (approximately IDR 143.6 trillion) in order to become the second-largest crypto holder on planet Earth after Satoshi Nakamoto.
“I think if we raise to 10 billion US dollars, the reason I want to get 10 billion US dollars, is besides Satoshi, we will be the largest single holder of Bitcoin in the world.”
This is Do Kwon's most ambitious plan. Previously, Kwon planned to buy Bitcoin earlier this month. The plan shocked the global cryptoverse universe.
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