Justin Sun Wants To Buy German Governments $2.4 Billion BTC Stash To Reduce Bearish Market Impact
Justin Sun, the controversial founder of the Tron network, has made a proposition to buy the German governments Bitcoin stash worth over $2.4 billion, which appears bound for exchanges to be sold at market prices.
Suns Bid To Avoid Market Disruptions
Justin Sun wants to save Bitcoin from the German government. He said he is willing to purchase the governments remaining BTC through over-the-counter (OTC) transactions to minimize the negative price impact of selling on the open market.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market, Sun said in a July 4 X post.
Earlier today, German authorities sent 1,300 BTC, worth $75 million, to crypto exchanges, causing the alpha crypto to crash. This was the largest recent transfer to centralized exchanges. According to CoinGecko data, the Bitcoin price plummeted to $56,836.53 lows before bouncing slightly to $57,858. Todays sell-off by the German government followed several similar transfers in recent weeks, totaling hundreds of millions in BTC.
The German Federal Criminal Police Office (BKA) confiscated almost 50,000 BTC, worth over $2 billion at the time, from pirate movie website operator Movie2k. The law enforcement received the Bitcoin in mid-January after a voluntary transfer from the criminals.
Way Forward
It remains unclear whether Sun is really serious about purchasing $2.4 billion worth of BTC or if he has officially communicated with BKA. The TRX creator is infamous for trying to play hero, or at least publicly appearing to be doing so (case in point, the highly-publicized lunch with billionaire Warren Buffett).
Arkham previously estimated Suns net worth to be around $1.4 billion, with the majority of it in crypto. As of press time, specific details about his likely funding source for such a gargantuan acquisition remain unknown. Nonetheless, the crypto community has supported the proposal, as German officials selling the remaining holdings will continue hurting Bitcoins price.
Crypto investors are closely watching the actions of the German and U.S. governments, as well as repayment updates from the fallen crypto exchange Mt. Gox.
Text source: ZyCrypto
