Terra cofounder Do Kwon is the one who is pumping Bitcoin

[bbc.reporter]

This is not fake news. There is a wallet you can follow which shows the transactions being sent to Binance. So far for the last 4 days they sent $125M each day. People have been following the wallet and trying to front run the move.

They do a test transaction first like 40 USDT and then they do the actual $125M. They use some Jump type of strategy to buy them. Most likely TWAP.

Currently they got like $1B left in their account. However there is more according to the news reports. This is obviously bullish as bears won’t be shorting until he is done with his buys.

This was 2 of the first transactions shared by @whale_alert. I am quite certain there will be more hehehe. Each transaction was $125 million in USDT.

https://mobile.twitter.com/whale_alert/status/1507180543531794435

https://mobile.twitter.com/whale_alert/status/1506069306446172163

This ethereum address is speculated to be one of Do Kwon's wallets under his control for USDT.

https://etherscan.io/address/0xAd41BD1cf3Fd753017Ef5c0da8dF31A3074EA1Ea

Oklink speculates that this is the bitcoin address also under Do Kwon's control.

https://www.oklink.com/en/btc/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q

In any case, similar to Michael Saylor's procurement of bitcoin, there is some skepticism on Do Kwon's investment hehehe. There should be some skepticism because if Do Kwon holds a very large amount of bitcoin it might be argued by himself that the failure of Terra and UST might also be the failure of the cryptospace market because he can dump everything. This is also similar to Michael Saylor who has bought bitcoin with leverage. However, only 30% of the danger that Do Kwon might cause assuming that he completes all $10 billion in bitcoin.

[Lucius]

50K is not really a big psychological level, I mean it surely is one, but not a "big" one.

This is not a crucial point, but in psychological terms, it means a lot to all those for whom it will be a sign that something serious is happening. From the perspective of a small investor who wants a quick profit, a headline in the media that looks something like this "Bitcoin again above $50 000, crypto winter is over", is also more than enough signal to buy Bitcoin again.

Ordinary people are still driven by the herd mentality, and it is easy to steer them in any direction, all it needs is to create a strong enough incentive. The problem at the moment is inflation, which leaves little room for risky investments - the average Joe can no longer save almost anything from his salary.

[NeuroticFish]

crypto winter is over

A drop from 69k to 33k is not really crypto winter. It's more like those winters the temperature barely go below 0C and it's not snowing
For comparison, the previous crypto winter was at a 6x price drop (or more).
But yes, as headline it looks catchy.

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

[Reid]

I see a lot of green after checking. Not just Bitcoin. Its hard to explain how is that happening if Terra is only buying Bitcoin.
How come every top altcoin is being dragged above?  
I doubt all the reason is just as a reserve asset. Half true, maybe? They are hoping for a higher amount to raise and by using Bitcoin as the face of the trend they will create, the possibility for it to happen is higher. That's good marketing if you ask me. They know their target to make it on the front page.

[bbc.reporter]

crypto winter is over

A drop from 69k to 33k is not really crypto winter. It's more like those winters the temperature barely go below 0C and it's not snowing
For comparison, the previous crypto winter was at a 6x price drop (or more).
But yes, as headline it looks catchy.

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

Another catchier headline might be this bet by Do Kwon against a whale that they agreed for $10 million from each person. This bet was only after a similar bet done against another whale for $1 million from each. Do Kwon made a total bet of $11 million on the price of Terra's token called Luna to not be under $88.00 after 1 year.



Terraform Labs CEO Do Kwon has finalised a bet with a crypto personality known as GCR, or Gigantic Rebirth, to the tune of $10 million over the future price of Terra (LUNA).

Both parties have now sent $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account, which is simply an Ethereum wallet owned by a veteran crypto trader known as Cobie.

Source https://www.theblockcrypto.com/linked/137832/terraform-labs-ceo-do-kwon-seals-10-million-bet-over-luna-price


Do Kwon also joked about asking for a short sell before sending $139,450,000 in USDT to Binance 1 day after hehe. It appears the pump will continue.

I am once again asking you to short #btc

Source https://mobile.twitter.com/stablekwon/status/1508716614140968960?s=12


Reply of Do Kwon to @whale_alert. This might confirm that it is his transaction.

https://mobile.twitter.com/stablekwon/status/1509082337199681543?s=12

[Chato1977]

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.

does this means Bitcoin will continue increasing till that 10 billion dollars be installed inside bitcoin ?

if this will happen then we should be holding the coins longer ?

And when this happen surely bitcoin will finally hit 50k once more  .

[NeuroticFish]

Terraform Labs CEO Do Kwon has finalised a bet with a crypto personality known as GCR, or Gigantic Rebirth, to the tune of $10 million over the future price of Terra (LUNA).

Both parties have now sent $10 million in stablecoins (USDT for Kwon and USDC for GCR) to an escrow account, which is simply an Ethereum wallet owned by a veteran crypto trader known as Cobie.

Poor guys, betting $10M each.
The bet is great for advertising that coin (or whatever it is) and... it cannot be bad for Bitcoin either
Let them come, let them use Bitcoin as reserve currency. The supply is limited!

[Lucius]

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

As time goes on, such a scenario seems less and less possible - but only if we compare the beginning of 2018 with 2022. Then the situation was somewhat similar to today (BTC drop by about 50%), but in 2018 it continued to drop, while now we have a slightly different situation. Of course, the circumstances are completely different, because 4 years ago we did not have this kind of interest in investing in Bitcoin.

The bet is great for advertising that coin (or whatever it is) and... it cannot be bad for Bitcoin either
Let them come, let them use Bitcoin as reserve currency. The supply is limited!

I may be wrong, but I think they use Bitcoin mostly to promote what they want to sell, and if (when) it all goes downhill it is possible that it will negatively affect Bitcoin. Luckily for them, there is enough BTC on the market to spend all $10 billion, and in the meantime have fun with these small bets of $10 million, which is nothing but the usual boasting of spoiled rich people.

does this means Bitcoin will continue increasing till that 10 billion dollars be installed inside bitcoin ?
if this will happen then we should be holding the coins longer ?
And when this happen surely bitcoin will finally hit 50k once more  .

Who knows, it is possible that the price will rise, but it is possible that this news has already had its effect. I really can't estimate in which direction the price will move, but I find it positive that there has been no drop after the pump, which would mean that most think it's not time to sell.

[tokeweed]

So...  Where's the Do Kwon guy right now?  Is he afk?  There are talks swirling around that he got spooked when a guy in Binance started making huge asks in spot so he must have pulled out his bids.    Dunno, I'm not really sure how true tho.  It could prolly just be CZ telling Do Kwon 'FU lemme accumulate lower before sending it to 50k.'.  Lol.

I wouldn't be at all surprised if it goes back down around 44k.  It could be the right time to btfd for those who missed the move.  What do you guys think?  

[NeuroticFish]

So...  Where's the Do Kwon guy right now?  Is he afk? [...]

I wouldn't be at all surprised if it goes back down around 44k.  It could be the right time to btfd for those who missed the move.  What do you guys think?  

You do realize that "going down to 44k" is just a dip for ants, right? That guy wants to buy Bitcoin without pumping the price unnecessarily. If some don't see that and try to dump it, I'm sure that he will be happy to see that.
I guess that you would not expect him to buy 24/7 no matter what, no matter how high the price goes for short term...

My point is that there's still plenty of room for an actual crypto winter to come, although I do hope it won't come this time.

As time goes on, such a scenario seems less and less possible - but only if we compare the beginning of 2018 with 2022. Then the situation was somewhat similar to today (BTC drop by about 50%), but in 2018 it continued to drop, while now we have a slightly different situation. Of course, the circumstances are completely different, because 4 years ago we did not have this kind of interest in investing in Bitcoin.

Indeed, institutional investors did change a lot. And indeed, we may have no proper crypto winter. I hope so. But I am not easy to be convinced we're good. Not yet. (I was accused many times, especially IRL, of being overly pessimistic.)

I may be wrong, but I think they use Bitcoin mostly to promote what they want to sell, and if (when) it all goes downhill it is possible that it will negatively affect Bitcoin. Luckily for them, there is enough BTC on the market to spend all $10 billion, and in the meantime have fun with these small bets of $10 million, which is nothing but the usual boasting of spoiled rich people.

While they clearly promote their coin, the fact they use Bitcoin as reserve asset is also an indirect advertising for Bitcoin, and imho a pretty heavy one. At least that's what I've understood off that.
My guess is that those interested in bitcoin's price will only read from the Terra ad that there's one new big buyer for Bitcoin. And the Ad is even more published because of the bet.
(Maybe it's not a specific Ad, just some news here and there, but the point remains).

[macson]

I think in part this is an acknowledgement that their stablecoin and token are crap and that Bitcoin is better.

LOL, i thought so too, they created a token in order to be able to buy Bitcoins from that.  i also saw their confession, which is that they want to be the number 2 most Bitcoin holder after satoshi.

[tokeweed]

So...  Where's the Do Kwon guy right now?  Is he afk? [...]

I wouldn't be at all surprised if it goes back down around 44k.  It could be the right time to btfd for those who missed the move.  What do you guys think?  

You do realize that "going down to 44k" is just a dip for ants, right? That guy wants to buy Bitcoin without pumping the price unnecessarily. If some don't see that and try to dump it, I'm sure that he will be happy to see that.
I guess that you would not expect him to buy 24/7 no matter what, no matter how high the price goes for short term...

Uh yeah...  It's a dip that doesn't signal a reversal of the trend up rn.  And it's important that the price should not break down 44k or we could see a possbility for BTC to go lower and enter goblin town.  You see that red bar right?  That's where resistance flipped and became support.  At least that's what I think...  I could be wrong tho.

Are you waiting for a dip back down to 30k?

[buwaytress]

This is not a crucial point, but in psychological terms, it means a lot to all those for whom it will be a sign that something serious is happening. From the perspective of a small investor who wants a quick profit, a headline in the media that looks something like this "Bitcoin again above $50 000, crypto winter is over", is also more than enough signal to buy Bitcoin again.

Ordinary people are still driven by the herd mentality, and it is easy to steer them in any direction, all it needs is to create a strong enough incentive. The problem at the moment is inflation, which leaves little room for risky investments - the average Joe can no longer save almost anything from his salary.

Yup!

Speaking as an ordinary person, I'm definitely seeing 50k as a big milestone, exactly half as big as 100k will be when that happens. Even if just doing unscientific maths, that'll be just about 75% of the current ATH.

Take that against the perspective of 2017 ATH, it would be akin to Bitcoin breaking $15k -- something that never happened in the aftermath of ATH, when prices just kept declining and never went up past $15 again until 3 years later. Had it happened months after ATH, like it would now, we might not have seen crypto winter so soon after.

[DVlog]

I was also shocked after seeing he brought 12000 BTC from the market. This releases the selling pressure from the market but not sure price will sustain for longer or not. But I think this is 4th time we are breaking the 50k mark and is that the indication of breaking the 4 year historically proven cycle? I am Missing Mycale Taylor at this party hope he will join soon.

[Lucius]

I wouldn't be at all surprised if it goes back down around 44k.  It could be the right time to btfd for those who missed the move.  What do you guys think? 

I wrote in a previous post that I think it's positive that the price is around $47k, but at that moment it went down, but the loss of 5% only shows that we are not ready for some serious bull run. If history is to be believed, April has not been a successful month for Bitcoin - although it is not something to rely on, it is possible that we will now spend some time between $40k and $50k.

Indeed, institutional investors did change a lot. And indeed, we may have no proper crypto winter. I hope so. But I am not easy to be convinced we're good. Not yet. (I was accused many times, especially IRL, of being overly pessimistic.)

There is no doubt about that, the part of BTC that would otherwise be on the market is now locked in some custodial cold wallets, and only 900 new BTCs per day are not a quantity that can affect liquidity. I am personally satisfied with how BTC is behaving in view of the war, inflation and all the pessimistic news that bury us every day.

While they clearly promote their coin, the fact they use Bitcoin as reserve asset is also an indirect advertising for Bitcoin, and imho a pretty heavy one. At least that's what I've understood off that.
My guess is that those interested in bitcoin's price will only read from the Terra ad that there's one new big buyer for Bitcoin. And the Ad is even more published because of the bet.
(Maybe it's not a specific Ad, just some news here and there, but the point remains).

I understand your point of view, but I still don't like that Bitcoin in this case is some kind of reserve asset for some token or stablecoin, as if it gives it some legitimacy and significance that it is better than other similar projects. Given how much the average investor understands this whole story, some are likely to conclude that Bitcoin as Bitcoin provides some sort of guarantee that it is something worth investing in. Besides, I don’t trust characters who are tossing around with tens of millions of dollars just to be in the media.

[adaseb]

Very strange that for the past 2 days he hasn’t bought anything. Checking that ETH wallet and it still contains $450M or so.

Lately with him and Saylor buying more Bitcoin with his $200M that he borrowed using Bitcoin as collateral, seems lots of buys happening last and this week.

I think we will hit $50K this week and hope that the rally isn’t short lived when he is out of funds to buy.

[bbc.reporter]

Very strange that for the past 2 days he hasn’t bought anything. Checking that ETH wallet and it still contains $450M or so.

Lately with him and Saylor buying more Bitcoin with his $200M that he borrowed using Bitcoin as collateral, seems lots of buys happening last and this week.

I think we will hit $50K this week and hope that the rally isn’t short lived when he is out of funds to buy.

Do Kwon might not pump bitcoin today. According to this tweet he will only be listening to music hehe.

https://mobile.twitter.com/stablekwon/status/1510425541404692485?s=12

However, he also tweeted this yesterday. He might be waiting for the price to dump first before he begins buying. I speculate bitcoin to be more than $50k by the end of this week.

https://mobile.twitter.com/stablekwon/status/1510192448450211843?s=12

Also, Saylor always buys on the top of the pump hehehe. Someone shared a chart with Saylor's tweets and after every declaration of a buy, bitcoin dumped. He should certainly fire his trader.

[bitterguy28]

It appears the cryptospace has found a bigger celebrity investor than Michael Saylor or Elon hehehe. His name is Do Kwon, the cofounder of Terra, who was also the cofounder of blockchain project Cosmos. According to other news articles, $3 billion is only the beginning. Terra will invest $10 billion in total in bitcoin to use as a reserve asset for Terra UST stablecoin.

While they seems to be the reason of the recent pump yet what we have now? completely we are still not in the good position for believing this is really a Pump , we need to see at least 50,000 price for bitcoin then we can assume that there is really a Pump going , but until we are being denied to take that 50k and still going 45-48k ? nope I will not trust this idea.

[NeuroticFish]

Indeed, institutional investors did change a lot. And indeed, we may have no proper crypto winter. I hope so. But I am not easy to be convinced we're good. Not yet. (I was accused many times, especially IRL, of being overly pessimistic.)

There is no doubt about that, the part of BTC that would otherwise be on the market is now locked in some custodial cold wallets, and only 900 new BTCs per day are not a quantity that can affect liquidity. I am personally satisfied with how BTC is behaving in view of the war, inflation and all the pessimistic news that bury us every day.

I think that's more than the fact the coins are locked in this wallet instead of that (decreasing the chance to be used as fractional reserve, for example). It's also that the companies acquiring Bitcoin tend to create a domino effect, getting other companies do the same (for reasons ranging from more trust to making sure they don't fall behind the competition).

I understand your point of view, but I still don't like that Bitcoin in this case is some kind of reserve asset for some token or stablecoin, as if it gives it some legitimacy and significance that it is better than other similar projects. Given how much the average investor understands this whole story, some are likely to conclude that Bitcoin as Bitcoin provides some sort of guarantee that it is something worth investing in. Besides, I don’t trust characters who are tossing around with tens of millions of dollars just to be in the media.

I think that you have overthought this a little. If one business has a reserve of US Dollars is it endorsed by USA, or even legit? No. Same goes with bitcoin. I know that some may not understand this; but those are also prone to send their money to any "Elon Musk" on twitter promising to double them. I surely hope that in 2022 the average crypto investor is smarter than 2017 FOMO-driven

Better than similar projects? That's something only time can tell. Bitcoin can rise and fall, hence it can be debatable if it's a good reserve for another cryptocurrency, especially as the other crypto nominal value is not pegged to Bitcoin. But the huge reserve and advertising seems to work, even Bitstamp is listing UST.

While I agree about the fact that owners' extravagance / throwing out money can easily mean "be wary", I find a stable coin's main use to transfer value between different platforms. The huge reserve looks to me more reassuring than USDT's not-100%-what-it-consist-in reserve and it's still the most successful stable coin. Can UST get some of USDT market? Maybe. I kinda hope so. And in 5 years we will see if UST is successful or at least still relevant. Then also holding UST (for whatever reasons) can probably be seen safer than holding USDT.

[stadus]

Maybe the speculation is pumping bitcoin but the amount of money they invested is not big enough to dictate the market movement.

Bitcoin has $27 billion volume per day (https://coinmarketcap.com/currencies/bitcoin/),

So that $125 million a day is not huge enough to cause a pump.