After Buying $500 Million Of Bitcoin, What Will Luna Do With It? By Namcios Earlier this month, Do Kwon, the founder of Terraform Labs, announced that the Luna Foundation Guard (LFG) will begin to start accumulating an unprecedented amount of bitcoin as a reserve asset to back its main stablecoin UST. “$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard,” Kwon tweeted a few days later. “P2P electronic cash that is easier to spend and more attractive to hold #btc.” Before the weekend, LFG confirmed it has bought over 11,700 bitcoin, worth roughly $520 million, with the aim of purchasing more. This action has both raised concerns and excitement from different segments of the community, but one thing is certain — it's an example of bitcoin as a chosen form of collateral and store of value. In this thorough article, you will find what Luna's plan is with these purchases and how they believe this could benefit their foundation and stablecoin in times of crisis. |