BTC

Can Justin Sun Afford to Buy $2.3B in Bitcoin from The German Govt?!

by BSC News

July 4, 2024

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After more than two weeks of aggressive Bitcoin transfers from Germany’s authorities, TRON-founder Justin Sun has made an incredible pitch…

In the space of just over two weeks, the German government has sent hundreds of millions of dollars to exchanges, market makers, and a yet unidentified address.

 

This sell pressure has combined with fear around possible dumping in the wake of $9 billion worth of Mt Gox repayments, expected to begin imminently. The result has been a collapse in the value of most all cryptocurrencies, including Bitcoin which is now trading below $57,000.

 

However, on July 4th, crypto billionaire and TRON-founder, Justin Sun, took to social media to share an incredible offer…

 

Sun’s Offer…

 

Sun shared a one-line post on X/Twitter, stating that he is willing to negotiate with the German government about purchasing ALL of its remaining Bitcoin stacks, worth more than $2.3 billion even at today’s prices.

Screenshot 2024-07-04 at 14.36.57.png

Image Source: Justin Sun

 

Crucially, Sun’s proposal involves purchasing the remaining Bitcoin “off-market”, meaning the transaction would take place away from centralized exchanges.

 

This would entirely eliminate the negative impact of the selling on the price of Bitcoin, potentially rescuing the crypto markets from additional sell-pressure at a time at which it would be especially painful.

 

Can Sun Afford the Purchase?

 

The proposal was made just an hour ago at time writing, meaning nothing is confirmed and the German government has unlikely had sufficient time to respond (If indeed it ever will). So the next logical question is… Could Justin Sun even afford to buy $2.3 billion worth of Bitcoin?

 

The short answer… Possibly, but it would likely sting.

 

A February report from Arkham Intelligence claims that Sun is worth at least $1.4 billion, with a peak net worth of around $7 billion in Q3 2021. Indeed, a glance at Sun’s on-chain holdings shows a wallet value of more than $1 billion, held mostly in USDD and TRX.

 

Current figures are certainly too low for Sun to purchase the BTC outright. However, these figures may not be perfect, potentially excluding other major crypto holdings belonging to Sun.

 

These figures also do not include non-crypto assets such as equity, cash, and other forms of property. Sun likely has sizable amounts of all of the above.

 

Nonetheless, $2.3 billion is no joke and buying it would possibly mean selling mass amounts of his own assets in a short space of time - something he may not be willing or able to do.

 

While there are other methods, such as loans or staggered payments, that Sun could use to buy up the German government’s stacks, it seems unlikely to us that such a deal will come to fruition. That said, only time will tell…

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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