Justin Sun is offering to buy the remaining $2.3 billion worth of Bitcoin in Germany to stabilize the market
Justin Sun, founder of Tron, proposed buying the remaining $2.3 billion worth of Bitcoin that had been seized by the German government. This offer comes amid a series of significant Bitcoin transfers by Germany to exchanges in an attempt to offload the cryptocurrency, which has already affected the market and caused significant selling.
Earlier today, Germany moved another $75 million worth of Bitcoin to exchanges, sending the market lower. The move follows several similar transfers over the past two weeks, worth hundreds of millions of dollars in Bitcoin. As of now, Bitcoin is down to $56,892.53, down 5% since yesterday and down 7% over the past week.
âI am willing to negotiate with the German government to buy all Bitcoin off the market in order to minimize the impact on the market,â Sun tweeted Thursday afternoon. Sunâs cryptocurrency portfolio, as determined by blockchain analytics firm Arkham Intelligence, contains just over $1 billion in funds.
Arkham Intelligence reports that one of five wallets linked to the German BKA has already sold at least $300 million worth of bitcoin. This includes $94 million worth of transfers to Coinbase, $84 million to Kraken, and $91 million to Bitstamp. Additionally, the wallet, which currently holds $2.3 billion worth of bitcoin, sent $44 million to Amsterdam-based market maker Flow Traders.
