Tron co-founder Justin Sun offered a deal to buy 41,500 BTCwhich are worth approximately $1.2 billion at a 10% discount. The US government wants to liquidate bitcoins in a series of four batches this year.seized in the Silk Road case.
As reported on March 14, the US government has already sold 9,861 BTC for a total value of $215 million during the sale. Recent Updates According to court documents dated March 27, the US government owns over 160,000 BTC, showing that it is one of the largest whales in the market.
Will BTC face a price drop?
Although the method of selling BTC has yet to be revealed, Justin Sun is coming forward to offer a deal to buy out the US government’s huge BTC holdings. Regardless of this, the price of Bitcoin is averaging $28,000 today.
Therefore, Sun also tweeted:
To minimize potential market impact, I would like to offer to buy these BTC at a 10% discount for an OTC offer.
Sun proposed over-the-counter (OTC) trading as the US government forced the liquidation of bitcoins seized from the Silk Road case. In 2015, Ross Ulbricht, founder of Silk Roadhe was jailed for illegal hacking and thus the US government seized a large amount of BTC, now for sale.
Meanwhile, cryptocurrency enthusiasts are currently suspecting a price crash if such a large amount of BTC is dumped on the market. In addition, the US government is criticized for warning Coinbase with a notice from SEC regulator Wells, even though US regulators recently transferred 9,861 BTC to Coinbase.
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