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Terra buys 2,943 more Bitcoins worth $140 million

After announcing its intention for a stablecoin backed by BTC reserves totaling $10 billion, Terra began accumulating Bitcoin.

Terraform Labs CEO Do Kwon’s new plan has stirred the crypto community, with many, such as Blockstream CEO Adam Back, questioning the origin of the money.

Kwon explained that the project will accumulate $10 billion during the implementation of the plan, but up front, they currently have $3 billion to accumulate BTC.

Soon after, Terra started buying with the first two purchases taking place on March 22 – around 1,500 BTC each.

The address continues to hoard and the largest single transaction took place last night with 2,943 BTC, worth nearly $140 million at time of purchase.

The wallet shows that Terra’s total BTC reserves have now exceeded 30,000 BTC, worth around $1.5 billion.

“The reason why we are particularly interested in Bitcoin is because we believe it is the strongest digital reserve asset. The UST will be the first native Internet currency to implement the Bitcoin standard as part of its monetary policy,” Kwon stated.