Tron Founder Justin Sun Mocks Germany for Bitcoin (BTC) Sell-Off, Suggesting It Contributed to UEFA Euro 2024 Quarter-finals Loss
- PHPzOriginal
- 2024-07-15 10:19:52956browse
Tron founder Justin Sun mocked Germany for its recent Bitcoin (BTC) sell-off, suggesting it contributed to the country's loss in the UEFA Euro 2024 quarter-finals.
Justin Tron founder Justin Sun took a dig at Germany over its recent Bitcoin (BTC) sell-off, suggesting it might have contributed to the country’s loss in the UEFA Euro 2024 quarter-finals.
Sun quipped on Twitter that the German team might have lost because their government sold too much Bitcoin.
Germany began selling off Bitcoin acquired from illegal activities at the end of June. This move also coincided with the repayment process of creditors by Mt. Gox, a defunct Japanese crypto exchange that went bankrupt in 2014 after losing around 950,000 BTC in a series of heists.
Germany sold 5,000 BTC, which were then transferred to major crypto exchanges like Bitstamp, Coinbase, and Kraken. This move netted the country around $258 million, based on current prices. According to Arkham Intelligence, Germany still has 39,826 BTC, which is valued at approximately $2.31 billion.
Meanwhile, the crypto markets showed resilience on July 7. Despite the ongoing market uncertainty, Bitcoin’s price saw a 2.65% increase, retesting the $58,000 level. The global crypto market cap also rose by over 3.4% in the past 24 hours, reflecting a positive trend.
German politician Joana Cotar also took issue with the country’s decision to sell its Bitcoin. In her post on Twitter, Cotar expressed her concerns over the BTC sell-off and advocated for holding Bitcoin as a strategic reserve currency. She highlighted how other countries, including the U.S., are exploring Bitcoin adoption.
Cotar also invited political figures to attend a lecture on October 17 titled “Bitcoin Strategies for Nation-States,” which will feature Bitcoin advocate Samson Mow. The lecture aims to educate leaders on how Bitcoin can help countries diversify wealth, combat inflation, and integrate underserved communities.
On the other hand, Ki Young Ju, the founder and CEO of CryptoQuant, advised traders not to overreact to government Bitcoin sell-offs. He noted that the government-sold Bitcoin amounts to less than $10 billion, which is minimal compared to the $250 billion inflows since the latest bull market began.
Ki stated that market participants were overstating the German government’s Bitcoin sell-off and urged traders to remain focused on broader market trends.
In contrast to Germany, El Salvador is continuing to accumulate Bitcoin. President Nayib Bukele’s initiative to purchase 1 BTC daily is still active, and the country now holds over 5,700 BTC, which is valued at more than $324 million.
Bukele’s plan also includes establishing a Bitcoin bank to enhance the BTC-USD exchange, aiming to impact the country’s GDP and credit ratings.
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