Justin Sun wants to discuss Bitcoin deal with German government to reduce market impact

Source: Crypto Briefing

Justin Sun, the founder of Tron, has expressed his readiness to purchase Germany’s Bitcoin holdings through over-the-counter (OTC) transactions. This approach is intended to avoid significant market disruptions.

“I am ready to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market,” Sun stated in a recent post on X (formerly Twitter).

His plan aims to facilitate a large-scale acquisition without the usual market ripple effects associated with such substantial trades.

Sun’s statement came shortly after the German government transferred 1,300 Bitcoin, equivalent to approximately $75.5 million earlier today, according to data from Arkham Intelligence. The government currently holds around $2.3 billion worth of Bitcoin.

The Bitcoin stack was sent to three crypto 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 the government’s potential asset liquidation or reallocation strategies.

The German government-labeled wallet first sparked suspicions of potential Bitcoin selling last month when it executed a 6,500 BTC transfer worth over $425 million. Before this transfer, the wallet held nearly 50,000 BTC. The funds are believed to have been seized from pirate movie website operator Movie2k.

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Author: Vivian Nguyen