Justin Sun Offers To Buy Germany's $2 Billion Bitcoin

The German government's recent participation in the Bitcoin market has caused selling pressure, causing BTC's price to retrace 18% in 30 days. However, Justin Sun, the TRON blockchain pioneer and BitTorrent CEO, has volunteered to ameliorate the Bitcoin sell-off.

Justin Sun’s Plan to Reduce Market Disruption

Sun recently said on X (previously Twitter) that he would bargain and buy all of the German government's BTC off-market to prevent disturbance. Sun stated:


To minimize market damage, I will negotiate with the German government to buy all BTC off-market.

Related Reading: Why Bitcoin Dropped Below $58,000
Arkham, an intelligence platform, alleges that the German government sold up to $175 million in Bitcoin on Thursday.

Over the last two weeks, the US and German governments have delivered $738 million in BTC to Kraken, Bitstamp, and Coinbase.

Arkham's data shows that the German authorities still has 40,359 BTC ($2.3 billion) in tagged addresses on-chain from drugs trafficker Banmeet Singh.

Justin Sun's idea to negotiate with the German government to buy the remaining BTC off-market has received attention, but finance and implementation specifics have not been published.

In February 2024, Arkham assessed Justin Sun's net worth at $1.4 billion, with crypto assets totaling $1.43 billion.

He has 60% of his crypto assets in TRON TRX tokens. Sun's USDD stablecoin, valued $280 million, is his most famous crypto asset.

Justin Sun founded TRON in 2017 to decentralize money and software, notably payments and digital entertainment.

Sun founded the TRON Foundation and oversaw its network development and maintenance as CEO. Sun acquired HTX (previously Huobi) via About Capital Management, where he was a significant investor.

As of February 2024, Justin Sun's fortune is less than the remaining BTC confiscated by German authorities. More information on the proposed purchase is needed to evaluate Sun's offer.

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