LFG might purchase $10 billion or more worth of Bitcoin

Bitcoin is witnessing mainstream attention everywhere. Nations are aiming to embrace the digital asset, and every individual across the globe is looking to hold some BTC in their portfolio. Recently, it has been unveiled that the Luna Foundation Guard (LFG), a non-profit organization focused on the Terra blockchain protocol, might purchase $10 billion or more worth of Bitcoins to act as a reserve for the TerraUSD (UST) stablecoin. While the specifics on how the BTC can be wrapped for use through the protocol are nonetheless in the works, thanks to the transparency of the BTC network, we will see simply how a whole lot of the prominent cryptocurrency LFG has bought.

How to monitor LFG’s Bitcoin purchases?

CoinDesk, one of the leading crypto media outlets, has confirmed the address of LFG.

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The actions of the deal – which includes purchases or transfers – can be considered the usage of a block explorer or a complete node. OKLink, a blockchain explorer, has also tagged the cope as Luna Foundation Guards. Greater with no trouble, a Twitter bot tracks the stability of the foundation’s pockets. As a result, we can hear LFG’s progress because it has created its BTC reserve.

As of writing, LFG is within the system of raising $3 billion, most of which has already been raised, to buy the coin designed by Satoshi Nakamoto and has purchased almost 28,000 coins worth $1.3 billion.

Given the indication that the foundation intends to keep extra than $10 billion in Bitcoin, there’s more shopping that LFG needs to do. Absent any massive actions in the Bitcoin price, that could suggest ~180,000 BTC of purchase quantity within the coming months.

Given more than $20 billion of the coins trading volume each day and that LFG has made a maximum of its purchases in ~$125 million plenty, it won’t have any troubles filling its buy orders. However, the purchase demand is considered a meaningful slug.

UST be a stablecoin backed by a transparent asset

As of writing, LFG is raising $3 billion, the maximum of which has already been raised, to shop for Bitcoin and has purchased almost 28,000 Bitcoin, worth ~$1. Three billion.

The indication that LFG intends to keep extra than $10 billion in Bitcoin may be greater than LFG needs to do. Absent any huge movements in BTC price, that could suggest ~180,000 BTC of purchase quantity inside the coming months.

There’s extra than $20 billion of Bitcoin buying and selling volume every day, and LFG has made a maximum of its purchases in ~$125 million lots. It did not have any problems filling its purchase orders.