Justin Sun Bids to buy 41.5k BTC in the U.S. Government

  • U.S. Government aims to market additional BTC worth $1.2B presently.
  • Justin Sun proposes a deal of 10% discount around the purchase.

Tron’s Co-founder, Justin Sun, provides a deal to buy 41,500 BTC that is worth roughly 1.2 billion USD in a 10% discount. The U . s . States government really wants to liquidate the bitcoins in a number of four batches this season – forfeited within the Silk Road situation. 

As reported on March 14, the U.S. government already offered 9,861 BTC of total worth $215 million throughout the purchase. Recent updates in compliance using the March 27 court fillings, the U.S. government holds greater than 2,05,000 BTC, showing the biggest whale on the market.  

Will BTC face a cost drop?

Although the approach to selling BTC wasn’t disclosed yet, Justin Sun comes out to provide a deal for getting huge BTC in the U.S. government. Not surprisingly, Bitcoin prices at typically $28,000 today. 

Hence, Sun furthermore tweeted:

To reduce the possibility impact available on the market, I must offer to buy these BTC in a 10% discount to have an OTC deal.

Sun meant the over-the-counter (OTC) trade because the U.S. government obliged to liquidate the bitcoins taken in the Silk Road situation. In 2015, Ross Ulbricht, Founding father of Silk Road exposed to jail time for illegal hacking, and therefore U.S. government grabbed a large number of bitcoins (BTC) – now in purchase. 

Meanwhile, presently crypto enthusiasts suspect a cost drop if such a lot of BTC will get dumped. Also, the U.S. government is belittled for warning Coinbase using the SEC regulator’s Wells Notice although the U.S. regulators lately transferred 9,861 BTC to Coinbase. 

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