By Varun GS
Justin Sun, the founder of TRON, just announced that he purchased over $150 million worth of bitcoins at an average price of about $36,800.
In what some are calling ‘the greatest wealth transfer of the year,’ Bitcoin and the cryptocurrency market at large plummeted over 50% before rebounding over 25% within hours.
Amidst a slew of liquidations, several high-profile cryptocurrency advocates like Michael Saylor spoke out, reaffirming their bullish thesis, unexpectedly including Elon Musk.
Justin Sun was amongst these people, announcing a monster $150M Bitcoin buy.
I have bought 4145 #Bitcoin with $152,818,183 at average price $36,868.
— Justin Sun (@justinsuntron) May 19, 2021
Sun is no stranger to decentralized technology – as the CEO of BitTorrent and TRON, he has seen heavy value in what Bitcoin brings to the table in terms of a worldwide antifragile currency network. As such, he is extremely bullish on BTC going forwards.
At the time of this writing, the price for a bitcoin sits above $40,000, putting Sun’s investment at a hefty profit already.