Justin Sun Proposes Buying German Government’s Bitcoin OTC To Minimize Market Impact
Tron founder and crypto billionaire Justin Sun offered to purchase Bitcoin directly from the German government to prevent the offloading of its cryptocurrency holdings onto the open market.
Sun’s offer follows two weeks of persistent Bitcoin sales from the state, which analysts believe has helped push Bitcoin’s price down 19% to $56,849 over the last month.
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
Justin Sun’s proposal, delivered via X on Thursday, proposed an off-market purchase of all the German government’s Bitcoin. He stated his goal was to “minimize the impact on the market.”
The offer marks another attempt from Sun to hold the line when crypto prices trend towards critical lows.
The mogul temporarily protected Curve founder Michael Egorov’s systemic CRV loan from liquidation, and at one point considered buying FTX’s digital assets to protect the market from the bankruptcy’s liquidation proceedings.
This time around, sell pressure is mounting from the German government, which has begun offloading a mountain of 50,000 BTC that it seized from the operators of film piracy website Movie2k.to back in January.
According to Arkham, on June 19 at 16:47 UTC+8, the German Government transferred a total of 1,000 BTC (500 BTC each) to Kraken Deposit and Bitstamp exchanges, worth about $65.14 million. There are currently 47.859k BTC in the German Government address, worth about $3.1 billion.…
— Wu Blockchain (@WuBlockchain) June 20, 2024
Blockchain analysts at Arkham first detected the German government moving its BTC between wallets on June 19, with many of those coins likely deposited to
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