The Luna Foundation Guard is profitable, as Terra co-founder Do Kwon emphasises his inability to “move” Bitcoin prices.
According to research, Bitcoin (BTClargest )’s new customer has already profited nearly $200 million on price gains.
An examination of the wallet associated with the Blockchain technology Terra reports that it has gained $165 million in value since it began gathering BTC in Q1 of this year.
Terra’s co-founder rejects the concept LFG influenced the Bitcoin price.
The Luna Foundation Guard (LFG), a non-profit organisation based on Terra, is actively implementing its plan to back its new TerraUSD (UST) stablecoin with both Bitcoin and the LUNA token.
Although Terra co-founder Do Kwon revealed the plans last month, the destination wallet for the funds has been operating for a longer period of time and had a considerable inflow in January.
Since mid-March, buying has intensified, and LFG’s balance has surpassed 30,000 BTC in just a few short weeks.
As if that weren’t amazing enough, the bull run in Bitcoin, whether or not it was triggered by Terra’s acquisitions, has resulted in $165 million in incidental profits for the group. The tally reached $186 million following this week’s three-month highs exceeding $48,000.
Meanwhile, in response to gold bug Peter Schiff’s criticism of Terra’s plans, Kwon appeared to refute the notion that such a large-volume investment run could result in BTC price appreciation.
2/ Purchasing significant amounts of bitcoin creates information asymmetry between insiders (prof traders & desks) and everyone else.
_I_ am not buying bitcoin, the reserve is for the communities of users that use UST – numbering in the millions
Everyone should know.
— Do Kwon 🌕 (@stablekwon) March 30, 2022
“If I were capable of manipulating bitcoin, it would be unsuitable as a reserve asset,” he stated Thursday during a Twitter dispute with Schiff.
Schiff claimed that using anything other than USD to fund a US dollar stablecoin “makes no sense.”
“Hold my beer,” Terra says to Tesla.
Terra intends to acquire a total of $10 billion in Bitcoin.
This would dwarf the holdings of other well-known “whale” entities, such as MicroStrategy, which presently has the world’s largest corporate Bitcoin treasury, valued at 125,051 BTC ($5.89 billion).
While MicroStrategy intends to continue buying, runner-up Tesla has made no such pledge, despite holding an estimated 43,200 BTC.
It appears as though LFG will shortly outpace it.
Hold my beer. https://t.co/918awsBRne
— LFG | Luna Foundation Guard (@LFG_org) March 30, 2022
Tesla is up 1.36 times its initial purchase price in terms of net earnings, while MicroStrategy is up 1.6 times, according to statistics from Bitcoin Treasuries.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.