Tron’s initiator, Justin Sun, recently voiced on the social platform X, previously known as Twitter, his readiness to engage in discussions with the German authorities for an off-market acquisition of their entire Bitcoin holdings. His intention is to lessen the market disturbance, which has been reeling from the sales of Bitcoin by the German Government.
“I am prepared to enter into discussions with the German government to acquire all BTC off-market to reduce the market impact.”
— H.E. Justin Sun 孙宇晨 (@justinsuntron)
July 4, 2024
**German Government Executes a 832.7 BTC Transaction Valued at $52M**
The German Government has executed a transfer of 832.7 Bitcoins, equating to an estimated $52 million. Out of these, 282.7 Bitcoins, translating to roughly $17.65 million, were moved to prominent trading platforms including Coinbase, Bitstamp, and Kraken.
Presently, the German Government’s Bitcoin reserves stand at 43,859, with an approximate valuation of $2.74 billion. The recent transaction is a segment of their continuous cryptocurrency portfolio management. Such significant governmental actions have captured the attention of market observers due to their influence on market dynamics and volatility.
**Justin Sun’s Strategy to Curb Bitcoin Market Fluctuations**
Sun has proposed his plan to procure the entirety of the German Government’s Bitcoin stash. His strategy is aimed at preventing further depreciation in Bitcoin’s value by transacting directly with the German government.
This scenario underscores a unique aspect of the cryptocurrency market: the substantial sway that key market entities hold over pricing and market mood. It also mirrors the calculated maneuvers by these influential figures to steer and stabilize market fluctuations.
