Bitcoin is the flagship crypto asset, which means it is the largest and most popular cryptocurrency in the world. The crypto market is greatly dependent on the price movement seen for BTC.
This means that any ups and downs noted in the price of the crypto king, also cause the prices of the altcoins to fluctuate. The major digital asset BTC is trading at $44,938 (at the time of writing), which is approximately 4.59% in the last 24 hours.
This has also caused a drop in the prices of numerous altcoins in the market, including Ethereum, ADA and XRP.
Keeping this in view, the founder of Terraform recently spoke about the impact of BTC’s price drop on the UST stablecoin. The future path Bitcoin is anticipated to take in the long-term was also discussed.
Nonetheless, you can see that BTC is a major crypto asset. Therefore, if you are interested in buying it make sure you first take a look at the Bitcoin price prediction and know the right time to invest.
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Is There Hope for Bitcoin in the Long-term?
According to reports, the CEO of Terraform Labs, Do Kwon was recently on a podcast. Terraform Labs is the company working behind the Terra (LUNA) blockchain platform.
This platform reportedly plans on purchasing a total of $3 billion in Bitcoin for the UST stablecoin, as a reserve. As per reports, Kwon has been purchasing BTC as 40% of the collateral for the stablecoin. Terra currently holds 30727.9 BTC and recently purchased 2,943 BTC.
This makes Terra the third-largest single wallet to hold the flagship cryptocurrency.
During the podcast, Kwon was asked about the repercussions of holding so much BTC, especially for the stability of the UST stablecoin.
Kwon believes that a crash in the price of the crypto king will be “negative” for the stablecoin. However, he is not too worried about it and believes in the long-term success of the crypto king.
The Terraform Labs CEO stated:
“I’m sort of betting that the long-term scenario of Bitcoin going up and the reserves being strong enough to withstand UST demand drops is the more likely scenario.”
At the moment, the largest single wallet to hold BTC is Michael Saylor’s MicroStrategy. Do Kwon aims to surpass MicroStrategy, which is his plan for the treasury, known as the Luna Foundation Guard (LFG).
Considering that the flagship digital asset has an undeniable significance and value if you also want to purchase it then make sure you choose the lowest fee Bitcoin exchange that suits your needs the most.
Helpful Information for New Crypto Investors
Buying, selling or trading crypto assets may not be as easy as one might think, especially if they do not have any relevant information or experience.
There are several aspects you need to consider as a beginner that can eventually make the overall experience less stressful for you.
Therefore, if you are new to the crypto space and you want to purchase a digital asset such as BTC then here are a few tips you should know and consider.
- Begin by investing as much as you can afford to lose.
- Choose a suitable platform from the best Bitcoin exchanges according to your criteria.
- Keep an eye on the price movement and know the best time to invest.
Novice parties looking to invest in Bitcoin can also click on SwissBorg or Kraken (U.S. citizens).
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