Justin Sun, founder of Tron, is eyeing Germany’s $2.3 billion Bitcoin stash. On July 4, he hit X to announce he’s ready to negotiate an off-market deal with German authorities.
His goal is to keep Bitcoin’s market price from tanking.
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
June 19 saw a German government wallet transfer 6,500 BTC, valued at over $425 million, igniting speculation of a sell-off.
Since February, this wallet has held nearly 50,000 BTC, believed to be from the Movie2k bust and under Dresden’s Land Revenue Office’s control.
Clarification from German Authorities and Justin Sun
The German government’s Bitcoin strategy remains shrouded in mystery, but the Federal Criminal Police Office (BKA) says it does not hold the stash. Instead, local prosecutors or courts are in charge of selling the coins.
“The sale or conversion of seized Bitcoins into Euros is the responsibility of the relevant public prosecutor’s office or court,” wrote Kristina Sawazki, spokeswoman for the BKA, in an email to Cointelegraph.
Since mid-June, the government-labeled wallet has been busy selling off. On July 4, it moved $172 million worth of BTC to exchanges like Coinbase, Kraken, and Bitstamp, hinting at a sell-off. Just two days before, another $52 million transfer followed the same route.
As Bitcoin’s price wobbles, Justin Sun’s proposal looks like a tactical play to keep the market steady.
This comes at a time when failed crypto exchange Mt. Gox is also dumping Bitcoin back onto the market, causing the price to tank.
The High Stakes of Justin Sun’s Offer
His Excellency, Justin Sun, logging into twitter and saving crypto once again. https://t.co/2gl4VwnQf4 pic.twitter.com/ND5f03YePR
— Wojak (@wojakcoineth) July 4, 2024
Justin Sun’s offer to snap up Germany’s Bitcoin stash could definitely shake up the market. With control over $1 billion in crypto assets, according to Arkham Intelligence, Sun is well-positioned for such a move.
Meanwhile, the German government sits on approximately 40,359 BTC, worth around $2.33 billion.
Nobody can be sure if Sun is serious in buying this Bitcoin, but crazier things have happened in crypto.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
