The post Justin Sun Offers to Buy German Government’s $2.3 Billion Bitcoin Holdings appeared on BitcoinEthereumNews.com.

TLDR Justin Sun offered to buy the German government’s remaining $2.3 billion in Bitcoin The German government has been selling its Bitcoin holdings, potentially impacting market prices The Bitcoin was originally seized from a pirate movie website operator Sun proposes buying the Bitcoin off-market to minimize market impact The German government still holds over 40,000 BTC worth about $2.31 billion In a surprising move, Tron founder Justin Sun has offered to purchase the German government’s remaining Bitcoin holdings, valued at approximately $2.3 billion. This proposal comes as the cryptocurrency market faces downward pressure, partly due to the German government’s recent Bitcoin sales. The German government acquired a substantial amount of Bitcoin through a seizure operation targeting the operators of Movie2k, a pirate movie website. In January 2024, authorities confiscated nearly 50,000 BTC, worth about $2.1 billion at the time. This seizure was described as the largest of its kind in German history. I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market. — H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024 Since mid-June, the government-linked wallet has been steadily selling its Bitcoin holdings. These sales have coincided with a significant drop in Bitcoin’s price, which has fallen from around $70,000 in mid-June to below $57,000 in early July. This 19% decrease has raised concerns among investors and market analysts. Justin Sun, known for his high-profile moves in the crypto space, announced his offer on social media platform X (formerly Twitter). He stated, “I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.” Sun’s proposal aims to prevent further market disruption that could result from continued on-market sales. The German government’s Bitcoin selling strategy has…

---

Filed under: News - @ July 5, 2024 12:12 pm