The Founder and CEO of Terraform Labs, Do Kwon, has made two bets thus far, one placed at $1 million, and one at $10 million. He specifically wagered that he expected the price of Terra’s ‘LUNA’ token to be valued at higher than $88 in one year’s time.
The $1 Million Bet
The $1 million wager was made by a pseudonymous cryptocurrency investor going by the name “Sensei Algod” on Twitter, and began on March 13th, 2022.
Sensei Algod initiated the bet by making a public offer of $1 million against anyone that the price of LUNA would be lower than it was at the time of the proposal in one year.
At the time of the proposal, the value of the LUNA token was $88. Do Kwon responded with, “Cool, I’m In.
Edited*— Sensei Algod (@AlgodTrading) March 13, 2022
Who wants to take a $1000000 bet that $luna will be lower price in 1 year than now? @stablekwon @CryptoHarry_ @ZeMariaMacedo
Shockingly, this wasn’t the only high stakes bet Do Kwon engaged in. In fact, only a few hours after agreeing to the bet with Sensei Algod, Kwon even agreed to a bet of the same result with a popular trader known as “Gigantic Rebirth” to the tune of $10 million.
Kwon specifically stated that he would match at $10 million if Gigantic Rebirth funded Cobie’s escrow wallet.
Interested in same bet for 10 million dollars [considered offering 50 million, but escrow becomes tricky]— GCR (@GiganticRebirth) March 14, 2022
Would donate half to charity
Expect price to pump short term, but in 1 year, supremely confident the current narrative is lost@stablekwon https://t.co/2SJAvZh4Yp
This bet occurs at a time when Terra (LUNA) has been outperforming Bitcoin (BTC), and has taken the lead in the ongoing market rally.
On the Flipside
- No matter the outcome, Kwon also promised to donate $1 million to ‘Angel Protocol‘, a Terra-based protocol for the creation of perpetual charity endowments, and an further $1 million on buying and burning Terra-based coins.
Why You Should Care
Such high profile gambles certainly serve to boost the popularity and hype of cryptocurrency projects, and this will surely put a notch in the price of the LUNA token, which has already increased to $91 since this bet’s formation on March 15th.