This substantial liquidation has raised concerns among investors about potential downward pressure on Bitcoin’s price.
Amidst this, TRON founder Justin Sun has made a bold proposition. He aims to negotiate with the German government to buy their Bitcoin holdings.
Justin Sun Proposes to Buy Germany’s BTC to Stabilize Market
The German government’s decision to sell such a significant amount of Bitcoin comes at a time when the cryptocurrency market is already grappling with volatility. The sale of 1,300 BTC has inevitably caused jitters among traders and investors. Such large-scale sell-offs can lead to a decline in Bitcoin’s price, further exacerbating the market’s instability.
In a succinct social media post, Sun expressed his readiness to engage in negotiations with the German government regarding their Bitcoin reserves. His proposal is driven by a desire to mitigate the negative impact of the sell-off on Bitcoin’s price. By purchasing the BTC directly from the government, Sun aims to prevent further downward pressure on the market and stabilize the cryptocurrency’s value.
Source: X
By intervening in this manner, he seeks to demonstrate that large-scale sell-offs by governmental bodies can be managed without causing significant disruptions to the market. This approach could serve as a precedent for future interactions between governments and private entities in the cryptocurrency space.
More About Bitcoin
Bitcoin ETFs surprisingly showed net positive flows over the past 1-day, 1-week, and 1-month periods, despite Bitcoin’s price plummeting by $10,000. Many had anticipated worse performance in ETF flows during this downturn. Year-to-date, the net flow remains robust at +$14.6 billion, signaling resilience in investor confidence even amidst market setbacks.
Source: X
This steady flow during a phase often seen as a ‘step back’ indicates ongoing strong interest and support for Bitcoin ETFs, underscoring their importance as investment vehicles in the crypto market.
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