Terra (LUNA) To Become The Biggest Bitcoin Holder in the World

More exciting moves are taking place in the crypto space as we speak. Check out the latest reports about Terra and Bitcoin.

It’s been just reported that the co-founder of Ethereum challenger Terra (LUNA) says that the crypto project plans to keep stacking BTC until its stash is second only to Satoshi, Bitcoin’s anonymous founder.

In a new interview on the Unchained Podcast, Terraform Labs CEO Do Kwon talked about the plan to accumulate the top crypto asset by market cap in an effort to back Terra’s native stablecoin, TerraUSD (UST).

Kwon says that UST being backed by BTC would help investors trust in the stablecoin when Terra expands to other blockchains.

“Terra’s goal is to be the largest decentralized money in crypto, period. Its goal is not to be the largest stablecoin in the Terra blockchain, so we’re sort of expanding into let’s say the Solana ecosystem, Avalanche, Ethereum, Polygon. We plan to be everywhere where there are developers and users.”

He also said the following:

“Now the thing is, different from growing stablecoin demand in the Terra ecosystem itself where trust in UST is extremely high – when you go to expand into these different ecosystems, then faith in LUNA’s collateral fitness is a lot less than what it is like in the Terra ecosystem.”

He continued and explained this:

“But if you have Bitcoin as collateral, then nobody really questions it because it is the apex.”

According to Kwon, Terra is planning to hoard $10 billion worth of BTC in order to become the second-largest holder of the king crypto on the planet.

“I think if we scaled out to $10 billion, the reason I want to get to $10 billion, is that besides Satoshi, we will be the largest single holder of Bitcoin in the world.”

It’s also important to note the fact that Kwon first announced Terra’s plan to acquire BTC earlier this month.