Justin Sun, the founder of Tron, took to the social media app X, formerly known as Twitter, and expressed his willingness to negotiate with the German government to purchase all their Bitcoin off-market. He stated that this move aims to minimize the impact on the market. The market has been experiencing a downturn due to the German Government’s Bitcoin sales.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
German Government Transfers 832.7 BTC Worth $52M
More recently the German Government transferred 832.7 Bitcoins, worth approximately 52 million US dollars. 282.7 of these Bitcoins, amounting to approximately $17.65 million, were transferred to large trading platforms, such as Coinbase, Bitstamp, and Kraken.
The German Government currently holds 43,859 Bitcoins, valued at about $2.74 billion. The latest transfer is part of their ongoing management of cryptocurrency investments. This large action by the government has drawn the interest of market onlookers. Because these large transactions affect the market and its volatility.
Justin Sun Plans to Mitigate Bitcoin Market Volatility
Sun’s suggestion that he wanted to purchase all the Bitcoins from the German Government. He wants to avoid the continued slide in Bitcoin prices by dealing directly with the German government.
This is one of the characteristics of the cryptocurrency market, where the actions of major market players can have a strong influence on the price and sentiment. It also reflects the strategic efforts by major players to manage and mitigate market volatility.