The German government has been gradually selling its Bitcoin holdings, raising concerns about ongoing pressure on the cryptocurrency market.
Tron founder Justin Sun has offered to purchase the German government’s Bitcoin holdings, valued at over $2.3 billion, to mitigate potential negative market impacts.
In a July 4 post on social media platform X, Sun expressed his interest in buying the Bitcoin off-market:
“I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.”
Concerns about the government’s Bitcoin selling first emerged on June 19 when its labeled wallet transferred 6,500 BTC, valued at over $425 million.
Market analysts are worried that selling the remaining holdings could negatively impact Bitcoin’s price. This wallet, holding nearly 50,000 BTC since February 2024, is believed to have funds seized from the pirate movie website operator Movie2k.
Summary Review: Justin Sun’s proposal aims to ease market concerns by reducing the potential for a significant price drop due to large-scale Bitcoin sales by the German government. This move highlights the ongoing challenges and strategies within the cryptocurrency market to maintain stability amidst large transactions.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
