loader image
    Crypto

    Tron Founder Justin Sun Offers to Buy Germany’s Bitcoin to Prop Up Price

    By Updated:No Comments2 Mins Read

    Tron Founder Justin Sun Offers to Buy Germany’s Bitcoin to Prop Up Price

    Facing weeks of declining Bitcoin prices, Tron founder Justin Sun has proposed a surprise solution: buying all of the German government’s Bitcoin holdings.

    Sun’s offer, made on Thursday, aims to prevent further market turbulence caused by the German state’s ongoing Bitcoin sales.

    Analysts believe these sales have contributed to a 19% price drop in the last month.

    This isn’t the first time Sun has intervened to stabilize the crypto market. He previously helped out Curve founder Michael Egorov and considered purchasing assets from the bankrupt FTX exchange.

    Germany’s sell-off stems from a large seizure of Bitcoin (around 50,000 BTC) from the operators of the illegal movie piracy website Movie2k.to in January.

    Blockchain analysts first noticed movement of these coins in mid-June, with deposits likely made to major exchanges like Coinbase and Kraken.

    Sales continued on Thursday, with another 1300 BTC ($76 million) transferred to exchanges. An additional 1700 BTC ($99 million) went to an unidentified address, possibly an institutional investor or over-the-counter service.

    Despite the sales, Germany still holds a significant amount of Bitcoin: 40,359 BTC, valued at $2.31 billion at the time of writing.

    Sun’s offer comes amidst broader market anxiety. Investors are concerned about the potential release of 141,000 BTC from the defunct Mt. Gox exchange to creditors, along with recent Bitcoin miner sell-offs due to declining revenue.

    With the future of Bitcoin’s price uncertain, Sun’s proposal presents a novel solution to a complex market issue.

    For more Web3 news, check out the XGA newsfeed.

    Share.

    Related Posts

    Add A Comment

    Leave A Reply