- Justin Sun owns 28,613 BTC, valued at approximately $1.638 billion.
- Justin Sun supports Bitcoin scalability solutions and plans to integrate them into the TRON network.
In a surprising turn of events, Justin Sun, the entrepreneurial force behind the blockchain platform TRON, has come forward with a revelation that underscores his deep financial involvement in the cryptocurrency world.
In a candid disclosure, Sun announced his ownership of a staggering 28,613 Bitcoins, an investment currently valued at approximately $1.638 billion, given the prevailing market rates.
Active Engagement with HTX Exchange
This revelation came to light through a post made by Sun on X (formerly known as Twitter), where he aimed to dispel rumors regarding his alleged infrequent use of the HTX exchange. Sun’s post, which highlighted his HTX account balance, was a direct response to those questioning his engagement with the platform.
He elaborated on his stance by asserting his broad usage of major cryptocurrency exchanges, including HTX, and his support for them.
My personal HTX account balance (just for those who are saying I'm not using HTX much) @HTX_Global pic.twitter.com/TtbiDWHLRZ
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) February 27, 2024
Bitcoin’s Price Rally
The timing of Sun’s disclosure was particularly noteworthy, coinciding with a significant uptick in Bitcoin’s value, which soared to $57,000. This surge marked a long-awaited return to a price point last seen over two years prior, casting a spotlight on the cryptocurrency’s enduring allure and resilience.
The broader cryptocurrency market felt the ripple effects of Bitcoin’s rally, with a marked increase in investments flowing into spot Bitcoin exchange-traded funds (ETFs).
At the time of writing, the price of BTC has risen 2.42% in the last 24 hours, reaching a price of $57,400.03. This represents an increase of 10.92% over the past 7 days.
The Fear & Greed Index, a measure of investor sentiment, tipped into “extreme greed” territory, registering a score of 79 out of 100 on February 27. This sentiment was reflective of the heightened enthusiasm and optimism permeating the market.
In parallel, the global cryptocurrency market cap witnessed a notable expansion, climbing to $2.16 trillion, an 8.92% increase from the previous day. This growth underscored the burgeoning confidence and capital influx in the crypto ecosystem.
TRON’s Future Strategy
Amidst these market dynamics, Sun has been vocal about his support for enhancing Bitcoin’s scalability and integration within the TRON network. He has articulated plans for TRON to support the Merlin Chain, a project aimed at boosting Bitcoin’s interoperability and financial accessibility.
Sun’s vision extends to fostering collaborations with multiple Bitcoin layer-2 protocols, thereby enriching the TRON ecosystem with re-staking initiatives and supporting the growth of the Bitcoin layer-2 ecosystem.