Terra’s founder Do Kwon is back to buying tons of bitcoin after taking a day off this Tuesday.
The Gnosis safe wallet, which still has close to $1 billion of stablecoins, transferred $140 million to Binance at 10AM euro time.
That brings it to 30,727 BTC bought so far, worth $1.4 billion, up from 18,423 last week.
So he bought 12,000 bitcoin in a week, and has to buy another 12,000 bitcoin in the next seven days.
Something that has sent bitcoin above $48,000, with it taking a break for today however maybe because Do Kwon took a break.
Still $47,000 is holding for now, and maybe $48,000 is tried again once the buying starts perhaps later today.
MacroStrategy is to join now, although maybe they’ll continue once he’s done as it usually takes them a week or so to setup their systems.
But Terra’s Luna might never quite be done as they’re planning to continuously turn some of their ‘seigniorage’ into bitcoin with an initial target of $10 billion after the currently on-going bootstrapping of $3 billion, of which about $1.5 billion is still left to buy.
So keeping up the pressure on bitcoin which is yet to get above $50,000 in more than three months now.
Source: https://www.trustnodes.com/2022/03/30/do-kwon-readies-to-buy-140-million-bitcoin