Tron founder Justin Sun has a plan. He wants to buy back the bitcoins the German government is now dumping on the market.
Justin Sun is ready to buy bitcoins from Germans
What you see on the exchanges now is the effect of supply pressure. Too many BTC are entering the market at once for buyers to be able to concentrate them. As a result, the price is falling. Behind these “airdrops” of coins to the market is, among others, the German government, which is liquidating bitcoins that it took over years ago from the operator Movie2k. He traded movies using the cryptocurrency. In other words, he ran an illegal streaming platform.
Sun wants to position himself as the savior of the market. That is why he has offered to buy $2.3 billion worth of BTC from the German government. In a post on X, he added that the transaction is to take place outside of exchanges so that the price of bitcoin stops falling.
I am willing to negotiate with the German government to buy all BTC off the market to minimize the impact on the rate
– he wrote in the post.
Oh, those Germans!
A few days ago, the media began writing that two large entities will soon be putting pressure on the market. The Mt. Gox exchange, which collapsed a decade ago, is starting to pay out bitcoins to its creditors. They will get them back after more than 10 years. Many people fear that they will start selling them en masse. In total, these are coins worth about USD 8.5 billion.
Let me reassure you right away: there is a small chance that the Gox trustee’s payments will seriously damage bitcoin. Some of the creditors will probably keep their BTC, counting on an even bigger profit. In addition, transfers will be made in installments.
The actions of the German government turned out to be a bigger problem. Berlin had 50,000 BTC on an identified address on the network, which Movie2k confiscated. On June 19, the funds were moved. First, 6,500 BTC worth over USD 425 million. On July 2, BTC worth USD 52 million was moved. On July 4, bitcoins worth USD 172 million were transferred. The coins are going to the cryptocurrency exchanges Coinbase, Kraken, and Bitstamp. The German services are therefore liquidating this property. In a rather… stupid way. A better solution would be to sell it at auctions (just like the property under Silk Road was liquidated). The government would probably get more money for this and would not negatively affect the rate.
Currently, 1 BTC costs only USD 54,280, which means a drop of 7.6% on a daily basis.
