The German government's Bitcoin saga continues: Sun wants to buy it all!
Sun returns with an ambitious new idea. The founder of Tron has now set his sights on the BTC treasure held by the German government, boldly proposing to privately take over everything, claiming he wants to 'avoid causing chaos in the market'.
It all started on June 19, when the German government discovered a suspicious wallet containing 6,500 Bitcoins, worth over $400 million, which frightened traders, fearing another market shock.
It is said that this wallet is related to the money seized by the BKA (Federal Criminal Police Office of Germany) from the pirated movie website Movie2k in 2013. These Bitcoins gradually flowed to exchanges, and the market was already shaky, which made things worse.
Some said that Tron founder Sun wants to be the savior? Arkham Intelligence labeled this wallet as 'German Government (BKA)', and traders were all watching, fearing something unexpected might happen.
As a result, on Thursday, the German government really did throw 1,300 Bitcoins, worth nearly $75 million, onto the exchanges Kraken, Coinbase, and Bitstamp, causing the Bitcoin price to drop sharply to $56,770. Over the past half month, the government has sold nearly 10,000 Bitcoins, while still holding over 40,000.
Although a BKA spokesperson stated that they did not have these seized Bitcoins, Sun's act of 'I am willing to talk to the German government, privately buy it all, and avoid disturbing the market' was still quite attractive.
Experts have also noted that if the German government really wants to sell these Bitcoins, it would be best to auction them or trade privately rather than just dump them directly onto exchanges. Sure enough, once they were dumped in, the market exploded, and even though only a little over $70 million was actually sold, the commotion felt like it was worth four or five hundred million, causing a lot of people to rush to close positions, creating chaos in the market.
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