Markets
Justin Sun Wants to Discuss Bitcoin Deal with German Government to Reduce Market Impact
Key points to remember
- Justin Sun is ready to buy German Bitcoin via OTC.
- Sun’s strategy involves direct negotiations with the German government for the purchase.
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Justin Sun, the founder of Tron, has said he is willing to buy Germany’s bitcoin holdings through over-the-counter (OTC) transactions. This approach is intended to avoid major market disruptions.
“I am willing to negotiate with the German government to purchase all BTC off-market to minimize the impact on the market,” Sun said. declared in a recent article on X (formerly Twitter).
Its plan aims to facilitate a large-scale acquisition without the usual market ripple effects associated with such large transactions.
Sun’s statement comes shortly after the German government transferred 1,300 Bitcoin, or about $75.5 million, earlier in the day, according to data Arkham Intelligence. The government currently holds about $2.3 billion worth of Bitcoin.
The stack of bitcoins was sent to three cryptocurrency exchanges: Bitstamp, Coinbase, and Kraken. It was also the largest recent transfer to centralized exchanges. The purpose of the transfer remains unclear, fueling speculation about possible liquidation or repurposing strategies by the government.
The German government wallet sparked suspicions of a potential bitcoin sale last month when it made a transfer of 6,500 BTC worth over $425 million. Prior to this transfer, the wallet contained nearly 50,000 BTC. The funds were reportedly seized from pirate movie site operator Movie2k.
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