Kwon has been buying Bitcoin to hold in Terra’s treasury as 40% of the collateral for UST.
Bitcoin scaling solution Stacks founder Muneed Ali also took exception to Kwon’s comments on Terra’s relationship to Bitcoin.
Kwon’s comment drew the attention of the crypto community. In a tweet, Ethereum developer Antiprosynthesis responded by asking if all entities that use BTC to back a stablecoin should be considered layer-2 solutions.