U.S. Government aims to sell additional BTC worth $1.2B currently.
Justin Sun proposes an offer of 10% discount on the sale.
Tron’s Co-founder, Justin Sun, offers a deal to purchase 41,500 BTC which is worth approximately 1.2 billion USD at a 10% discount. The United States government wants to liquidate the bitcoins in a series of four batches this year – forfeited in the Silk Road case.
As reported on March 14, the U.S. government already sold 9,861 BTC of total worth $215 million during the sale. Recent updates in accordance with the March 27 court fillings, the U.S. government holds more than 2,05,000 BTC, proving the largest whale in the market.
Will BTC face a price drop?
Though the method of selling BTC was not disclosed yet, Justin Sun comes forth to offer a deal for purchasing huge BTC from the U.S. government. Regardless of this, Bitcoin pricing at an average of $28,000 today.
Hence, Sun additionally tweeted:
To minimize the potential impact on the market, I would like to offer to purchase these BTC at a 10% discount for an OTC deal.
Sun meant the over-the-counter (OTC) trade since the U.S. government obliged to liquidate the bitcoins captured from the Silk Road case. Back in 2015, Ross Ulbricht, Founder of Silk Road subjected to imprisonment for illegal hacking, and thereby U.S. government seized a huge number of bitcoins (BTC) – now in sale.
Meanwhile, currently crypto enthusiasts suspect a price drop if such a large number of BTC gets dumped. Also, the U.S. government is criticized for warning Coinbase with the SEC regulator’s Wells Notice though the U.S. regulators recently transferred 9,861 BTC to Coinbase.