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Justin Sun Offers to Buy German Government's Bitcoin to Prevent Market Impact
#JustinSun #BitcoinCrash #Bitcoin #GermanGovernment $BTC

Sun's Proposal:

Tron founder Justin Sun proposed purchasing the German government’s Bitcoin (BTC) holdings, valued at $2.3 billion, off-market to prevent potential price disruption.

Announced on Twitter, Sun stated he is ready to negotiate with the German government to minimize market impact.

Background of German Government’s BTC Holdings:

The German government's Bitcoin wallet gained attention on June 19 when it transferred 6,500 BTC, worth over $425 million.

The Bitcoin, seized by the German Federal Criminal Police Office (BKA) from the pirate movie website Movie2k, has been actively transferred since mid-June.

Responsibility for BTC Sale:

The sale of the seized Bitcoin is managed by the relevant public prosecutor’s office or court, not the BKA, which only preserves the assets during investigations.

Recent Transactions:

On July 4, the wallet transferred $172 million worth of Bitcoin to various wallets, including Coinbase, Kraken, and Bitstamp, indicating a potential sale.

Earlier, on July 2, it moved $52 million worth of BTC to similar exchanges.

Implications:

The continuous selling of Bitcoin by the German government has concerned traders.

Sun’s offer to buy the Bitcoin off-market aims to stabilize prices and prevent market volatility from large-scale transactions.