Tron’s Justin Sun Offers to Buy German Government’s Bitcoin Stash Amid Market Turmoil
Justin Sun, the founder of Tron, has stepped forward with an offer to purchase the German government’s Bitcoin holdings. This move comes in response to recent market movements that have caused the Bitcoin price to tumble to the $57,000 level.
Key points:
- German government moved 1,300 BTC ($76M) to exchange deposits.
- Additional 1,700 BTC ($99M) transferred to a potential institutional service address
- Bitcoin price dropped 5% to the $57,000 level in 24 hours.
- Sun proposes an off-market purchase to minimize market impact.
Arkham reported major movements of Bitcoin from German government-controlled wallets. According to their data, approximately 1,300 BTC, valued at $76 million, was transferred.
The movement happened to deposit addresses at exchanges including Kraken, Bitstamp, and Coinbase. This move was accompanied by another transfer of 1,700 BTC, worth about $99 million, to an address that could be an institutional service or an over-the-counter (OTC) trading desk.
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Justin Sun offers to buy German’s Bitcoin stash
These large-scale movements sparked concerns about a potential sell-off. It is also one of the reasons that contributed to a 5% decline in Bitcoin’s price over a 24-hour period, pushing it down to the $57,000 level.
Amidst this market turmoil, Justin Sun took to X with a surprising proposal. The Tron founder expressed his willingness to negotiate with the German government for an off-market purchase of their entire Bitcoin holdings.
Sun’s stated intention is to minimize the impact on the broader crypto market that could result from a large-scale sell-off.
While it remains unclear whether the German government will entertain Sun’s offer, his proposal has sparked intense speculation within the crypto community. The 1,700 BTC movement to an institutional address could indicate that discussions with Sun or other potential buyers might already be underway.
