Justin Sun Offers to Acquire Germany’s Bitcoin Holdings Amid Sell-Offs
The German government's consistent sell-offs of Bitcoin have exerted downward pressure on its price, leading to a notable 4.5% decline to approximately $57,300.
Justin Sun, known for his role in Tron, has publicly extended an offer to engage in direct negotiations with the German authorities to acquire their remaining Bitcoin holdings through off-market transactions.
This initiative is aimed at mitigating potential disruptions in the cryptocurrency market that could arise from further substantial government sales.
The recent series of Bitcoin liquidations by the German government included a sale of 1,300 BTC distributed across major exchanges such as Kraken, Coinbase, and Bitstamp.
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These sales have culminated in a total disposal of nearly 9,641 BTC over the span of 15 days, significantly reducing their overall Bitcoin reserves to 40,359 BTC.
Observers speculate that if this selling pace persists, the government might completely deplete its Bitcoin holdings by the end of September, though no official statement has yet clarified the rationale behind these divestments.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
