The recent involvement of the German government in the Bitcoin market has contributed to sales pressurewhich has led to an 18% decline in the price of BTC 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 Attempt to Minimize Market Disruption
In a recent social media post job On X (formerly Twitter), Sun expressed his willingness to trade and purchase all BTC from the German government off-market in order to minimize disruption. Sun stated:
I am willing to negotiate with the German government to buy all BTC off-market to minimize the impact on the market.
According to data According to intelligence platform Arkham, the German government is actively selling BTC, with recent reports indicating that up to $175 million worth of Bitcoin was sold on Thursday.
Over the past two weeks, the US and German governments have sent approximately $738 million worth of BTC to various Exchangesincluding Kraken, Bitstamp and Coinbase.
Arkham data also reveals that the German government still holds 40,359 BTC ($2.3 billion) in on-chain flagged addresses, which were initially seized from drug trafficker Banmeet Singh.
TRON Founder Net Worth
While Justin Sun’s proposal to negotiate with the German government to purchase the remaining BTC off-market has attracted attention, specific details about the funding source and execution of the plan have not been disclosed.
As reported by Arkham As of February 2024, Justin Sun’s estimated net worth is approximately $1.4 billion, with known crypto holdings worth approximately $1.43 billion.
These holdings are primarily TRX tokens on the TRON network, representing 60% of his known crypto assets. Sun’s best-known crypto holdings are around $280 million in USDD, the stablecoin he launched.
Justin Sun launched the TRON network in 2017, with the aim of decentralizing various elements of finance and software, including Payments and digital entertainment.
Sun founded the TRON Foundation and served as its CEO, overseeing the development and maintenance of the TRON network. Sun’s involvement in the cryptocurrency space also includes the acquisition of HTX (formerly known as Huobi) through About Capital Management, where he was a leading investor.
Although Sun’s offer to purchase the remaining BTC from the German government could potentially help mitigate the impact on the marketQuestions remain about the source of funding for such a major acquisition.
Justin Sun’s current net worth, 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 expected 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 seen a 5% decline, breaking through the crucial $60,000 support level. This support has effectively prevented the market’s largest cryptocurrency from returning to these price levels since May 1.
Featured image of DALL-E, chart from TradingView.com
