HomeNEWSJustin Sun offers to buy Germany's $2.3bn BTC holding

Justin Sun offers to buy Germany’s $2.3bn BTC holding


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The founder of Tron, Justin Sun has disclosed his willingness to enter into negotiations with the German government to buy its Bitcoin holdings. The popular crypto personality made the disclosure on Thursday via his official page on X (formerly Twitter). 

In the post, Justin Sun said he’s willing to purchase the BTC holding of the German government worth more than $2.3 billion. He revealed that the move is aimed at mitigating the negative price impact of selling. 

How Germany Sold A Huge Portion Of Its BTC Holding

Recall that in recent times, the German government has sold a significant portion of its BTC holdings. On June 19, a wallet connected to the German government transferred about 6,500 BTC worth more than $425 million. 

The heavy movement of the assets raised suspicions that the German government was already selling the BTC in its confines. In the early hours of today, popular blockchain intelligence firm Arkham disclosed that the German government moved 1,300 BTC which is about $75.5 million. 

According to Arkham, the German government-flagged wallet sent the BTC to three cryptocurrency exchanges namely; Kraken, Coinbase, and Bitstamp. More so, the government has dumped about 9,641 BTC from its holding in the last 15 days. 

Before the massive selloff, the wallet held about 50,000 BTC purportedly confiscated from pirate movie website operator Movie2k. Following the massive selloff, the wallet is now left with 40,349 BTC which implies that the German government has sold about 18% of the assets. 

Meanwhile, the selloff by the German government is one of the reasons behind the latest BTC selling pressure. In the last 30 days, the price of BTC has recorded a significant freefall, shredding 18.12% of its value while pushing it below the $58k benchmark. 

Justin Sun Offering A Bailout 

As the dip in the price of BTC continues, Justin Sun is putting up an offer for the German government to acquire all their BTC holding off the market. With the proposal, Justin Sun intends to reduce the risk that could emanate from the further sale of BTC by the German government. 

Experts submitted that the price of BTC could slip more if the German government continues with its selling spree. Additionally, there are also indications that the German government could empty its BTC holdings by September if it continues the selling spree. 

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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