The German government’s recent involvement in the Bitcoin market has contributed to selling pressure, resulting in an 18% retracement for BTC’s price 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 ongoing Bitcoin sell-off.
Justin Sun’s Bid To Minimize Market Disruption
In a recent social media post on X (formerly Twitter), Sun expressed his willingness to negotiate and purchase all of the German government’s BTC off-market to minimize disruption. Sun stated:
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
According to data from the intelligence platform Arkham, the German government has been actively selling BTC, with recent reports indicating that up to $175 million worth of Bitcoin was sold on Thursday.
Over the last two weeks, the US and German governments have sent approximately $738 million worth of BTC to various exchanges, including Kraken, Bitstamp, and Coinbase.
Arkham’s data also reveals that the German government still holds 40,359 BTC ($2.3 billion) in tagged addresses on-chain, which were initially seized from narcotics trafficker Banmeet Singh.
TRON Founder’s Net Worth
While Justin Sun’s proposal to negotiate with the German government to purchase the remaining BTC off-market has garnered attention, specific details about the funding source and execution of the plan have not been disclosed.
As reported by Arkham in February 2024, Justin Sun’s estimated net worth is approximately $1.4 billion, with known crypto holdings worth around $1.43 billion.
These holdings primarily consist of TRX tokens on the TRON network, accounting for 60% of his known crypto assets. Sun’s highest-known crypto holding is approximately $280 million worth of USDD, the stablecoin he launched.
Justin Sun launched the TRON network in 2017, aiming to decentralize various elements of finance and software, particularly in payments and digital entertainment.
Sun established 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 acquiring HTX (formerly known as Huobi) through About Capital Management, where he was a leading investor.
While Sun’s offer to purchase the remaining BTC from the German government could potentially help mitigate the market impact, questions remain regarding the funding source for such a significant acquisition.
Justin Sun’s current wealth, as of February 2024, is comparatively lower than the value of the remaining BTC seized by German authorities. Further details and transparency regarding the potential purchase are awaited to assess the feasibility of Sun’s proposal.
At the time of writing, Bitcoin is trading at $56,845. Over the past 24 hours, BTC has experienced a 5% decline, breaking through the crucial support level of $60,000. This support had effectively prevented the largest cryptocurrency in the market from revisiting these price levels since May 1st.
Featured image from DALL-E, chart from TradingView.com