Market

Justin Sun Wants to Save Bitcoin From German Government, Here’s How

Thu, 4/07/2024 – 15:41

Cover image via youtu.be

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Justin Sun, Founder of the Tron network, has made a proposition to negotiate with the German government over the continuous sale of its massive Bitcoin stash.

Advertisement

Justin Sun motivation

According to Sun, his primary motivation is to prevent the negative impact of the sell-off on the broader market.

The German Federal Criminal Police Office started selling some of the Bitcoin proceeds it confiscated in May. Thus far, the government has offloaded over 9,641 BTC worth more than $550 million on cryptocurrency exchanges in small tranches.

Related

While its Bitcoin holdings pale in comparison to the broader circulating supply, the market sentiment to this sell-off is rather erratic. Earlier today, the German police transferred 1,300 BTC to Kraken, Coinbase and Bitstamp, a transfer that triggered a massive sell-off in the price of the coin.

At the time of writing, the Bitcoin price has lost its edge. The coin is changing hands for $57,400.54, down by 4.58% in the past 24 hours. This is the first time since mid-March that the price of Bitcoin will be trading as low as $57,000, a trend that does not speak well of network health.

Way forward

It remains unclear whether the German government will be open to discussing it with Justin Sun. With more than 40,000 BTC left in its portfolio, the government still has a sizable amount of Bitcoin to offload on the market.

The market may grow a thick skin as concerns the occasional sell-off from the government. This is a survival strategy, especially because more dumping is coming into the market soon.

Related

Like the German government, the United States government is also offloading its stash. This governmental sell-off might be complicated by the expected Mt. Gox repayment and likely sell-off. The market needs its inbuilt resilient mechanism to handle the bearish days ahead, at least until Sun’s offer is accepted.

SOURCE

Leave a Comment

api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api api