The Founder of Tron, Justin Sun, Supports Bitcoin and Owns 100,000 BTC
Justin Sun, the founder of Tron (TRX), recently revealed that he is a strong supporter of Bitcoin and owns 100,000 BTC. This revelation is significant for his Tron crypto, which is one of the base networks for Tether’s USDT in the TRC-20 format. The use of USDT TRC-20 for Bitcoin trading is trending strongly, which could have a positive impact on Tron’s value.
Main Points:
- Justin Sun supports Bitcoin and owns 100,000 BTC.
- Tron is used as one of the base networks for Tether’s USDT in the TRC-20 format.
- USDT TRC-20 is trending strongly for Bitcoin trading.
- Tron is among the top 10 crypto assets by market capitalization.
- Bitcoin has the highest market capitalization, over $572 billion.
The Price Performance of Tron and Bitcoin
Tron (TRX) is currently ranked 10th with a market capitalization of nearly $7 billion, while Bitcoin (BTC) holds the top position with a market capitalization of over $572 billion. The price of TRX is $0.077, while BTC is close to $30,000. Both TRX and BTC have seen a slight price increase of around +1% in the past week, but are down by -5% on the monthly chart.
Main Points:
- Tron ranks 10th with a market capitalization of nearly $7 billion.
- Bitcoin holds the top position with a market capitalization of over $572 billion.
- TRX is priced at $0.077, while BTC is close to $30,000.
- Both TRX and BTC have seen a slight price increase of around +1% in the past week.
- On the monthly chart, both TRX and BTC are down by -5%.
Recent Controversies Surrounding Justin Sun
Earlier this year, Justin Sun announced his goals for Tron, including making TRX legal tender in five countries by the end of the year. However, recent moves by Sun have raised concerns. He withdrew a significant amount of Ether (ETH) from the Lido Finance liquid staking platform and deposited it on the Huobi crypto-exchange. This raised speculation about his intentions, especially considering the price surge of Ethereum at the time.
Main Points:
- Justin Sun withdrew ETH from Lido Finance and deposited it on Huobi.
- Speculation arose about his intentions as Ethereum prices surged.
- The withdrawal and deposit amounted to 15,805 ETH.
- Sun’s crypto-wallets still hold $543 million of Lido’s stETH tokens.
Hot Take
Justin Sun’s support for Bitcoin and ownership of 100,000 BTC has significant implications for Tron. As the use of USDT TRC-20 for Bitcoin trading continues to trend strongly, Tron’s value may benefit. However, recent controversies surrounding Sun’s moves raise questions about his intentions and impact his reputation in the crypto community.
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