Justin Sun Aims to Rescue Bitcoin from German Government—Here’s How

Justin Sun, the founder of the Tron network, has proposed negotiations with the German government regarding its ongoing sale of a significant Bitcoin stash.

### Justin Sun’s Motivation
Sun’s primary objective is to mitigate the adverse effects of this sell-off on the wider cryptocurrency market. The German Federal Criminal Police Office began liquidating some of the Bitcoin it previously confiscated in May. To date, the government has sold over 9,641 BTC, amounting to more than $550 million, through cryptocurrency exchanges in small batches.

Although the amount of Bitcoin held by the government is minor relative to the overall market supply, the market’s reaction to these sales has been volatile. Just recently, the German authorities transferred some BTC to exchanges like Kraken, Coinbase, and Bitstamp, leading to a sharp decline in the coin’s price.

As of now, Bitcoin is trading at approximately $57,400.54, reflecting a decline of 4.58% over the past 24 hours. This marks the first instance since mid-March that Bitcoin’s price has dipped as low as $57,000, indicating potential issues with network health.

### The Way Forward
It is uncertain whether the German government will entertain discussions with Justin Sun, especially with more than 40,000 BTC remaining in its possession. The market may need to develop resilience against the government’s periodic sell-offs, as further sales are anticipated in the near future.

Meanwhile, the U.S. government is also in the process of offloading its own cryptocurrency holdings, which could be further complicated by the upcoming Mt. Gox repayments. The market will need to bolster its internal mechanisms to weather the bearish trends likely ahead, at least until Sun’s proposition gains traction.