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

Go to Source
Author: Ronaldo Marquez

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