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 Cryptoverse: 10 billion reasons why bitcoin could become a reserve currency 

• unlimited access to Reuters.com nowApr 12 (Reuters).

A cryptocurrency platform's promise to amass $10 billion.

worth of bitcoin to shore up its own "stablecoin" sends the market skyrocketing.

1. It is part of a broader movement to crown Bitcoin as the reserve currency of a new era.
2. Seoul-based Terraform Labs has so far amassed nearly 40,000 bitcoins worth $1.7 billion.
3. in a series of purchases through nonprofit subsidiary Luna Foundation Guard, according to publicly available blockchain data.
4. The spree follows Terraform co-founder Do Kwon's announcement that dollar reserve.
5. Load A stable coin backed by Bitcoin reserves will “herald a new monetary era of the Bitcoin standard,”.
6. according to Kwon, The acquisitions and the expectation of more to come are supporting Bitcoin.
7. price, with some market participants identifying them as a major driver of Bitcoin's rally back to $48,000 in late March.

Perhaps more important is whether others will follow:

"The $10 billion purchase may move the price in the short term"

• said Sid Powell, chief executive of Maple Finance, a Sydney-based crypto lender.

"But in the longer term, it's more of an indication that bitcoin has emerged as the most popular form of coin collateralization.

However, other market participants warned that an ever-closer embrace between bitcoin and stablecoins like TerraUSD could pose a new risk to crypto markets,"

• which raised the possibility of a said Richard Usher, head of OTC trading at crypto firm BCB Group in London.
• which led to the gains of Bitcoin in the past month and reflects an improved risk environment.
• Vetle Lunde, an analyst at Norwegian crypto research firm Arcane Research tracks purchases from the Terra.
• project estimates he could hold the bet to reach the $3 billion initial reserves.