South Koreas Terraform Labs Looks to Buy $10 Billion in BTC - BitcoinEthereumNews.com
BitcoinSouth Koreas Terraform Labs Looks to Buy $10 Billion in BTC04 / 18 / 2022Balita ng Ethereum ng Bitcoin Terraform Labs in Seoul, South Korea is looking to buy as much as $10 billion worth of bitcoin to back its own stable currency, which its looking to release soon into the crypto market. The company is also looking to make bitcoin the worlds new reserve currency. Terraform Labs Has Big Plans for Bitcoin At the time of writing, Terraform Labs has garnered roughly 40,000 bitcoin units, which are worth about $1.7 billion. The purchases were made with the assistance of Luna Foundation Guard, a non-profit affiliate of the company that publishes blockchain data. Founder Do Kwon stated on Twitter that a stable asset backed by bitcoin is going to unleash bitcoin as the ultimate currency and push the crypto space deeper into mainstream territory. Sid Powell – CEO of crypto based lender Maple Finance in Sydney, Australia – commented in an interview: Buying $10 billion worth can move the price in the short term, but over the longer period, its more about what it signals: that bitcoin has been introduced as the hottest form of collateral backing for currencies. While he agrees that the move is