The founder of Tron, Justin Sun, claims to be a strong supporter of Bitcoin and revealed that he owns 100,000 BTC.
Justin Sun from the Tron crypto company is a strong supporter of Bitcoin
A few hours ago, the founder of Tron (TRX) Justin Sun commented on the emergence from his crypto, revealing that he is a strong supporter of Bitcoin and owns 100,000 BTC.
Obviously, his revelation plays a key role for his TRON crypto, which is used as one of the base networks for Tether’s USDT in the TRC-20 format.
In fact, Sun pointed out that the emergence of USDT TRC-20 could have a positive impact for the crypto queen given that the use of the TRON-based stablecoin for Bitcoin trading appears to be trending strongly.
The price performance of crypto Tron and Bitcoin
Being one of the core networks of Tether (USDT), it has become a good opportunity for Tron to remain among the top 10 crypto assets by market capitalization.
And indeed, Tron (TRX) is in 10th place with a total market cap approaching $7 billion. No match for the market cap of Bitcoin (BTC) of course, which is the leader of the crypto market. At the time of writing, it is reported to have over $572 billion in total market capitalization.
If we then take a look at the price, at the time of writing TRX is worth $0.077, while BTC is close to $30,000.
Yet, the two trends appear to be similar. Over the past seven days, both TRX and BTC have seen a slight price pump around +1%, but both are in a -5% dump on the monthly chart.
In early 2023, Justin Sun had published his annual goals for Tron, saying he would work to make TRX legal tender in 5 countries by the end of the year.
The latest perplexities around Justin Sun’s moves
In early summer, news broke that Sun would withdraw a significant amount of Ether (ETH) from the Lido Finance liquid staking platform. Soon after, those tokens were sent to the popular Huobi crypto-exchange.
This move raised several concerns about Sun’s intentions, even speaking of speculation, as crypto prices surged at the time.
Specifically, Sun allegedly withdrew 15,805 ETH from Lido, after which he deposited 15,815 ETH on Huobi.
Typically, when you send tokens on a crypto-exchange, the idea is that you want to sell those tokens.
In any case, at that time, Ethereum would have experienced a remarkable price performance in the market, namely a pump of +16%.
Despite this, Sun’s crypto-wallets still held as much as $543 million of Lido’s stETH tokens.
Source: https://en.cryptonomist.ch/2023/08/14/crypto-founder-tron-owns-100000-bitcoin-btc/