Tron Founder Justin Sun Willing to Minimize German Government’s 40,359 BTC Sell-Off

Key Points:

• Tron founder Justin Sun proposes to buy Germany’s Bitcoin holdings to prevent market disruption caused by recent government sales.
• The German government has sold a significant portion of its 50,000 BTC holdings, contributing to Bitcoin’s recent price drop to $57,500.
• Global market concerns include potential Bitcoin sell-offs from Mt. Gox and past U.S. auctions of Silk Road-related BTC.

Tron founder Justin Sun has expressed his willingness to negotiate with the German government to purchase its Bitcoin holdings through over-the-counter (OTC) trading.

Tron Founder Justin Sun Offers to Stabilize Bitcoin Market with German Government Negotiations

Sun‘s proposal aims to minimize the market disruptions caused by the German government’s recent Bitcoin sales.

Over the last two weeks, the German government has been selling its Bitcoin holdings, contributing to the recent downward pressure on Bitcoin prices, which have fallen to $57,500. Since February 2024, a wallet associated with the German government has held 50,000 BTC and has significantly reduced its holdings in recent months.

Governments worldwide, including Germany, have confiscated Bitcoin and other digital assets linked to criminal activities and periodically sell these holdings through auctions. Tron founder Justin Sun, known as a major figure in the cryptocurrency industry, reportedly controls over $1 billion in crypto assets, according to Arkham Intelligence. The German government currently holds approximately 40,359 BTC, worth an estimated $2.32 billion.

Mt. Gox BTC Sale Adds Pressure

The Bitcoin market has also been influenced by other factors, including the recent activity of wallets belonging to the defunct crypto exchange Mt. Gox. It is set to begin distributing assets stolen from clients in a 2014 hack this month. These repayments, in Bitcoin and Bitcoin Cash (BCH), are expected to add selling pressure to both markets.

Before the German government, the United States government had previously sold significant amounts of Bitcoin linked to the Silk Road dark web marketplace. In 2014, American businessman and Bitcoin advocate Tim Draper purchased 29,656 BTC from the Silk Road haul at an auction organized by U.S. Marshals.