Justin Sun, founder of Tron, has proposed acquiring the German government’s Bitcoin holdings off-market to mitigate the impact on the crypto market. Germany has already sold approximately $175 million worth of Bitcoin since June 19, adding to the recent market downturn.
Justin Sun, founder of Tron, has offered to purchase the Bitcoin holdings of the German government off-market, aiming to minimize the market impact of the sales. Germany’s government has already transferred approximately $175 million worth of Bitcoin to exchanges since June 19, potentially for future sales.
The German government’s Bitcoin stash, nearly 50,000 BTC valued at over $2 billion, was seized by the Federal Criminal Police Office in 2013 from the movie piracy website Movie2K.to. The recent transfers, combined with $9 billion worth of Bitcoin payouts to Mt. Gox creditors, have significantly impacted Bitcoin’s price, causing a downturn in the broader crypto market.
In a post on social media platform X, Sun expressed his willingness to negotiate with the German government for an off-market purchase. Despite Sun’s digital assets, excluding the Bitcoin and potential Mt. Gox distributions, the crypto market has been trending downwards. As of the latest data, Bitcoin’s price dropped over 5% to $57,057, with other major cryptocurrencies following suit.
