Justin Sun, the creator of Tron, utilized the social media platform X (formerly Twitter) to express his openness to negotiate with the German government for the acquisition of all their Bitcoin through private channels. His intention behind this proposal is to minimize any adverse impacts on the market. The market has been facing downturns recently due to the German government’s sale of Bitcoin.
“I am prepared to engage in discussions with the German government to acquire all BTC through private channels to reduce market impact.” — H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
German Government Transfers 832.7 BTC Worth $52M
Most recently, the German government transferred 832.7 Bitcoins, valued at approximately $52 million. Out of these, 282.7 Bitcoins, amounting to around $17.65 million, were transferred to major trading platforms like Coinbase, Bitstamp, and Kraken.
Currently, the German government holds 43,859 Bitcoins, valued at about $2.74 billion. This recent transfer forms part of their ongoing strategy in managing cryptocurrency investments. Such significant governmental actions have captured the attention of market observers due to their potential impact on market volatility.
Justin Sun’s Strategy to Counter Bitcoin Market Volatility
Sun has proposed acquiring all Bitcoins from the German government directly to halt the continual decline in Bitcoin’s value.
This situation exemplifies the cryptocurrency market, where major players’ actions can greatly influence prices and market sentiment. It also underscores the strategic efforts of influential figures to manage and alleviate market volatility.