The German government's recent involvement in the bitcoin market has contributed to Selling pressureresulting in an 18% pullback in the price of btc over the past 30 days. However, Justin Sun, the founder of the TRON blockchain and CEO of BitTorrent, has offered to mitigate the impact of the current bitcoin sell-off.
Justin Sun's bid to minimize market disruptions
In a recent message on social media x.com/justinsuntron/status/1808828661401072092″ target=”_blank” rel=”noopener nofollow”>mail On x (formerly twitter), Sun expressed his willingness to trade and buy all of the German government’s btc off-market to minimize disruption. Sun stated:
I am willing to negotiate with the German government to buy all btc off the market to minimize the impact on the market.
According x.com/lookonchain/status/1808793462575411233″ target=”_blank” rel=”noopener nofollow”>data According to intelligence platform Arkham, the German government has been actively selling btc, with recent reports indicating that as much as $175 million worth of bitcoin was sold on Thursday.
In the past two weeks, the US and German governments have sent approximately $738 million in btc to various exchangesincluding Kraken, Bitstamp and Coinbase.
Arkham data also reveals that the German government still holds 40,359 btc ($2.3 billion) in tagged on-chain addresses, which were initially seized from drug lord Banmeet Singh.
TRON Founder Net Worth
While Justin Sun’s proposal to negotiate with the German government to buy the remaining btc off the market has raised eyebrows, no specific details have been revealed regarding the source of funding and the execution of the plan.
As reported As of February 2024, Justin Sun's estimated net worth is approximately $1.4 billion, with known cryptocurrency holdings worth around $1.43 billion.
These holdings consist primarily of TRX tokens on the TRON network, which make up 60% of his known crypto assets. Sun’s most well-known cryptocurrency is USDD, the stablecoin he launched, worth around $280 million.
Justin Sun launched the TRON network in 2017, with the goal of decentralizing various elements of finance and software, particularly in Payments and digital entertainment.
Sun created the TRON Foundation and served as its CEO, overseeing the development and maintenance of the TRON network. Sun’s involvement in the crypto space also includes the acquisition of HTX (formerly known as Huobi) through About Capital Management, where he was a leading investor.
While Sun's offer to buy the remaining btc from the German government could potentially help mitigate the Market impactQuestions remain about the source of financing for such a major acquisition.
Justin Sun's current wealth, as of February 2024, is comparatively less than the value of the remaining btc seized by German authorities. More details and transparency regarding the potential purchase are awaited to assess the viability of Sun's proposal.
At the time of writing, bitcoin is trading at $56,845. Over the past 24 hours, btc has seen a 5% drop, breaking the crucial support level of $60,000. This support had effectively prevented the market’s largest cryptocurrency from revisiting these price levels since May 1.
Featured image of DALL-E, chart from TradingView.com
