Justin Sun eyes $2.3 billion German Bitcoin stash despite community skepticism

Justin Sun claims to be interested in purchasing a huge chunk of Bitcoin held by the German government, estimated to be worth $2.3 billion.

In a statement on July 4th regarding X, the Tron founder Said:

“We intend to negotiate with the German government to purchase all BTC off-market to minimize the impact on the market.”

German authorities seized around 50,000 BTC from the piracy site Movie2k.to earlier this year, acquiring the BTC holdings.

Last month, the government began selling off some of these assets through centralized exchanges such as Coinbase, Bitstamp, and Kraken. At press time, 40,359 BTC had been sold, worth $2.3 billion, according to Arcam Intelligence. Dashboard.

Market experts noted that these moves have further exacerbated the current selling pressure on the flagship digital asset, which has fallen about 20 percent in the past 30 days to a two-month low of $57,089.

Community response

While some community members welcomed Sun’s intentions, It pointed out This tweet follows his pattern of “inserting himself into a story.”

Meanwhile, Trading Strategy CEO Mikko Ottamar opined that while Sun has the personal funds to make the deal happen, he would not be willing to sell to a buyer who would not comply with any European government to prevent the assets from falling into the hands of criminals. I have written:

“Son has a personal net worth of $7 billion so he could actually pull this off, but no EU government wants to sell it to a buyer that doesn’t play by the rules (which would put BTC back in the hands of criminals).”

Similarly, Simon Dixon, CEO of BnkToTheFuture, said: Asked whether Sun will be able to pass the due diligence required for the transaction process;

Over the past year, Sun has faced significant legal challenges, including allegations from the U.S. Securities and Exchange Commission that he and his companies violated local securities laws.

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