Justin Sun of Tron offered commentary on Donald Trump’s effort, World Liberty Financial, which is in the process of tokenizing Bitcoin (WBTC) while trying to strengthen its reserves. Earlier today, the project purchased approximately $10 million worth of WBTC during a market dip. In addition, Sun did not spare criticism of Coinbase Wrapped BTC (CBBTC), and delved into the reasons for Trump’s preferences with WBTC.
Justin Sun – It’s Better to Own WBTC Then CBBTC
Justin Sun has pointed out on X that one of the many shortcomings regarding blockchain infrastructure is the lack of ownership. He said, “Not your keys, not your coins,” further substantiating the statement with criticism aimed at Coinbase who does not utilize a Proof of Reserves (PoR) system.
His poing is that relying on such systems poses huge risks like freezing or confisciscation of assets by higher management. Additionally, Sun pointed out that WBTC is more secure for national bitcoin reserves as well as self sovereign, calling Trump’s purchase of WBTC a calculated effort to decentralize and protect against excessive control.
Donald Trump’s Massive Purchase of Wrapped Bitcoin
World Liberty Financial hastily adjusted their crypto portfolio right after Donald Trump’s presidency began. The DeFi project purchased 94.94 wrapped Bitcoin (WBTC) for $9.84 million today, almost as if trying to cover up for 3 days worth of investment strategies gone wrong.
Along with the purchase of WBTC, World Liberty Financial also spent $56.82 million on 534.1 WBTC at an average price of $106,379 per token. These purchases were made while Trump made notable investments in Justin Sun’s Tron TRX crypto.
In a matter of days, the value of this investment heighted and then quickly plunged down, bringing along with it a loss of $1.74 million, which was calculated at a 3% decline.
In a matter of three days, the fund was able to purchase 6 crucial tokens, which are Ethereum (ETH), wrapped Bitcoin (WBTC), Tron (TRX), Aave (AAVE), Chainlink (LINK), and ENA. The fund incurred these decreases in value the same way the investors incurred losses, by shifting the burden onto the investors, which totalled $178.2 million.
