The Founder and CEO of Terraform Labs, Do Kwon, has accepted two bets thus far, one at $1 million and one at $10 million. Specifically, he engaged in a bet where he expected the price of Terra’s LUNA token to be higher than $88 in one year.
The $1 Million Bet
The $1 million wager was started by a pseudonymous cryptocurrency investor that goes by the name “Sensei Algod” on Twitter (NYSE:TWTR), and this began on March 13, 2022.
Sensei Algod initiated this wager by making a public offer to bet anyone $1 million that the price of LUNA would be lower than it was at the time of the proposal in one year.
When this proposal was posted, the value of the LUNA token was $88. Do Kwon responded with, “Cool, I’m In.”.
Edited* Who wants to take a $1000000 bet that $luna will be lower price in 1 year than now? @stablekwon @CryptoHarry_ @ZeMariaMacedoHowever, this wasn’t the only bet Do Kwon engaged in. In fact, only a few hours after agreeing to the bet with Sensei Algod, Kwon even accepted a $10 million bet, with the same conditions, with a popular trader known as Gigantic Rebirth.— Sensei Algod (@AlgodTrading) March 13, 2022
Specifically, Kwon said that he would match a $10 million bet if Gigantic Rebirth funded Cobie’s escrow wallet.
Interested in same bet for 10 million dollars [considered offering 50 million, but escrow becomes tricky]Would donate half to charityExpect price to pump short term, but in 1 year, supremely confident the current narrative is lost@stablekwon https://t.co/2SJAvZh4YpThis bet occurs at a time where Terra (LUNA) outperformed Bitcoin (BTC) and started leading the ongoing market rally.— GCR (@GiganticRebirth) March 14, 2022
On the Flipside
- No matter what the outcome of this bet ends up being, Kwon also promised to donate $1 million to Angel Protocol, which is a Terra-based protocol for creating perpetual charity endowments, and spend $1 million on buying and burning Terra-based coins.
Why You Should Care
Bets like this essentially boost the popularity and hype surrounding cryptocurrency projects, and this will surely put a dent in the price of the LUNA token, which has increased to $91 ever since this bet occurred as of March 15.
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