Justin Sun Ridicules Germany for Bitcoin Dump Following UEFA Euro 2024 Defeat

Justin Sun, the founder of Tron, has taken a jab at Germany for its recent sell-off of Bitcoin. He jokingly suggested that the country’s loss in the UEFA Euro 2024 quarter-finals may be attributed to the government selling off too much Bitcoin. Germany started selling off the Bitcoin it acquired from illegal activities in June, coinciding with the repayment process of creditors by Mt. Gox, a defunct Japanese crypto exchange. The decision to sell 5,000 BTC, valued at approximately $258 million, involved transferring the funds to major exchanges like Bitstamp, Coinbase, and Kraken. Despite criticism of Germany’s BTC strategy, the crypto markets showed resilience, with Bitcoin’s price increasing by 2.65% and the global crypto market cap rising by over 3.4% in the past 24 hours. In contrast to Germany, El Salvador continues to accumulate Bitcoin, with President Nayib Bukele’s initiative to purchase 1 BTC daily still active. The country currently holds over 5,700 BTC, valued at more than $324 million, and plans to establish a Bitcoin bank to enhance its GDP and credit ratings.