Justin Sun Wants to Buy All Bitcoins Held by German Government

Tron founder Justin Sun has publicly offered to negotiate with the German government to purchase their entire Bitcoin holdings off-market. This proposal comes in response to Germany’s recent large-scale Bitcoin sell-off.

Germany’s Bitcoin Offloading and Market Impact

According to blockchain analytics firm Arkham, the German government has been actively moving substantial amounts of Bitcoin in the past few hours.

They transferred 1,300 BTC (approximately $76 million) to exchange deposits at Kraken, Bitstamp, and Coinbase. Additionally, 1,700 BTC ($99 million) was moved to an address labeled “139Po.”

This large movement of funds has coincided with a sharp decline in Bitcoin’s price. After reaching $63,000 on July 1, BTC has plummeted to as low as $57,000 in the last 24 hours.

The sell-off pressure from Germany, combined with the anticipated Mt. Gox Bitcoin distribution, has weighed heavily on market sentiment.

Justin Sun’s offer to purchase the German government’s Bitcoin holdings off-market is seen as an attempt to mitigate the negative impact on Bitcoin’s price. 

By proposing an off-market deal, Sun aims to prevent further downward pressure that could result from large-scale selling on public exchanges.

Despite the recent sales, the German government still holds 40,359 BTC (valued at $2.3 billion).

However, it is unclear at the moment whether the German government will be willing to accept Sun’s offer to strike a deal. Until a deal is made, the selling pressure will likely be reflected in the price of Bitcoin.

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Also Read: German Government Dumps 1300 Bitcoin, Holds 40,359 BTC

Vignesh Karunanidhi

Vignesh Karunanidhi is a crypto journalist with a knack for making complex financial topics accessible and entertaining. Through his engaging writing style and strong social media presence, he have built a dedicated community of crypto enthusiasts eager to stay informed about the latest market trends and innovations. Additionally, Vignesh offers valuable perspectives on the factors driving crypto prices.

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