Tron founder Justin Sun claims to be a strong supporter of Bitcoin and revealed that he owns 100,000 BTC.
Justin Sun of crypto company Tron is a strong supporter of Bitcoin
A few hours ago, Tron (TRX) founder Justin Sun commented on the rise of his cryptocurrency, revealing that he is a strong supporter of Bitcoin and owns 100,000 BTC.
I’m a Bitcoin proponent and currently hold a sizeable inventory of over 100,000 BTC. Still, it’s exciting to see TRON evolve into a stablecoin network, potentially boding positively on BTC’s value. A notable trend is the predominant use of USDT TRON for BTC trading.
— HE Justin Sun 孙伊晨 (@justinsuntron) August 13, 2023
Apparently, his revelation plays a key role for his cryptocurrency TRON, which is used as one of the base networks for Tether’s USDT in TRC-20 format.
In fact, Sun pointed out that the launch of USDT TRC-20 could have a positive impact on the crypto queen as using the TRON-based stablecoin for bitcoin trading appears to be trending strongly.
The price development of crypto tron and bitcoin
As one of the core networks of Tether (USDT), it has become a good opportunity for Tron to remain in the top 10 crypto assets by market cap.
And in fact, Tron (TRX) is ranked 10th with a total market cap of nearly $7 billion. No match with that Bitcoin (BTC) Market Cap Of course, the company is the market leader in cryptocurrencies. At the time of writing this article It is reported to have a total market cap of over $572 billion.
Let’s then take a look at the price at the time of writing TRX is worth $0.077while BTC is near $30,000.
Still, the two trends appear to be similar. In the past seven days, both TRX and BTC have seen a slight price increase of +1%but both are in a dump of -5% on the monthly chart.
In early 2023, Justin Sun released his annual goals for Tron and said he would work towards making TRX legal tender in five countries by the end of the year.
The latest confusion surrounding Justin Sun’s steps
This became known in early summer Sun would withdraw a significant amount of Ether (ETH) from liquid staking platform Lido Finance. soon after, These tokens were sent to popular crypto exchange Huobi.
The move sparked several concerns about Sun’s intentions and even raised speculation as crypto prices were surging at the time.
Special, Sun allegedly withdrew 15,805 ETH from Lido and then deposited 15,815 ETH with Huobi.
When you send tokens to a crypto exchange, the idea is usually that you want to sell those tokens.
In any case, Ethereum would have seen a notable price action in the market at this point, namely a +16% pump.
Despite this, Sun’s crypto wallets still held $543 million worth of Lido’s StETH tokens.
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