BTC Drop Sees Luna Foundation Guard Add to Holdings

The Luna Foundation Guard has added to its bitcoin reserves, with a recent purchase now taking its holdings to a total of nearly $1.7 billion in BTC.

The LFG now holds nearly $1.7 billion in bitcoin, according to blockchain data, or roughly 39,897 BTC. The foundation’s aim is to accrue $10 billion in bitcoin, a goal it may well hit this year.

At the start of the month, it bought over $400 million worth of bitcoin and AVAX. While the price of bitcoin was unaffected, AVAX rose nearly 10% following the LFG’s purchase.

The LUNA token hit an all-time high at the end of Mar, just as the LFG was ramping up its bitcoin purchases.

LUNA, Terraform Labs, and the LFG have been in the news quite frequently since the start of the year, though not always for the right reasons. The crypto community has a somewhat divided opinion on the project, though that hasn’t stopped the price of the token from going up.

Terraform Labs CEO confident about Luna

Terraform Labs CEO Do Kwon has said about how he expects the company to become the largest holder of bitcoin after Satoshi Nakamoto.

The CEO has been in the news for multiple reasons, making some especially strong headlines for taking a $1 million bet that the price of LUNA would not drop below $88 in a year’s time.

Do Kwon said that “DAI will die” by his hand, which many in the market do not expect will happen. 

He believes that if UST and FRAX become more liquid than DAI, then it will increase their utility over stablecoins.

Do Kwon said he had not taken the wager for financial gain. He plans to donate $1 million to charity “regardless of the outcome of the bet”, he added.

The rest, another $1 million, he will “spend on buying Terra altcoins and burn them on March 14 2023.”