Bitcoin (BTC) has already netted its biggest new buyer almost $200 million in profit from price increases, data suggests.
Analysis of the wallet related to Blockchain protocol Terra reveals that since it began amassing BTC in Q1 this year, it is up $165 million.
Terra co-founder rejects idea LFG moved BTC price
The Luna Foundation Guard (LFG), a nonprofit organization around Terra, is currently following through on its plans to back its new TerraUSD (UST) stablecoin with both Bitcoin and its native LUNA token.
The plans were only revealed this month by Terra co-founder Do Kwon, but the destination wallet for the funds has been active longer and saw a significant inflow back in January.
Since mid-March, buying has accelerated, and in just a few short weeks, LFG’s balance has passed 30,000 BTC.
If that weren’t impressive enough, Bitcoin’s bull run, whether associated or not with Terra’s purchases, has netted the organization $165 million in circumstantial profits. At this week’s three-month highs above $48,000, the tally hit $186 million.
LFG wallet data showing USD profits. Source: Bitinfocharts
Countering criticism of Terra’s plans by gold bug Peter Schiff, meanwhile, Kwon appeared to deny the idea that such a large-volume investment run could produce BTC price upside.
In terms of net profits, Tesla is up 1.36 times versus its initial purchase price, while MicroStrategy is up 1.6 times, data from monitoring resource Bitcoin Treasuries shows.
Largest Bitcoin corporate holdings summary. Source: Bitcoin Treasuries
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