Justin Sun, the creator of Tron, recently made an announcement on the social media platform X, formerly known as Twitter, expressing his willingness to engage in discussions with the German government regarding the acquisition of all their Bitcoin through off-market channels. His intention behind this proposal is to reduce the impact on the market, which has been facing a downturn as a result of the German government’s Bitcoin sales.
“I am open to negotiations with the German government to purchase all Bitcoin through off-market avenues to minimize market disruptions.” – H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
The German government has recently transferred 832.7 Bitcoins, equivalent to around $52 million. Out of this amount, 282.7 Bitcoins, roughly valued at $17.65 million, were sent to prominent trading platforms like Coinbase, Bitstamp, and Kraken. Currently, the German government holds a total of 43,859 Bitcoins, estimated at about $2.74 billion. This latest transfer forms part of their continual management of cryptocurrency investments, attracting attention from market observers due to the significant impact these transactions have on market dynamics and volatility.
Justin Sun aims to address Bitcoin market volatility by proposing the purchase of the entire Bitcoin holdings from the German government directly. This initiative reflects the nature of the cryptocurrency market where major players’ actions can significantly influence prices and market sentiment. It underscores the strategic measures undertaken by key market participants to manage and alleviate market fluctuations.