Friday, January 21

Tron CEO abandons currency and goes to government

Justin Sun, founder of the cryptocurrency Tron (TRX), has announced that he will abandon cryptocurrencies and begin his career in politics, serving as a diplomat in Grenada, a small country of 110,000 people.

Sun gained a lot of fame in the cryptocurrency industry due to the over-marketing of its projects. As an example, in 2019 he offered $4.56 million at a dinner auction with Warren Buffett, claiming it would convince the historic investor to enter the world of cryptocurrencies, it didn’t work.

It is also worth remembering that Sun, born in China, was already warned by his country in 2019 after visiting the country. According to rumors, the government was not happy with its projects and posture.

change of course

Although its cryptocurrency, the Tron (TRX), was launched as a strong competitor to other projects such as Ethereum, the currency that was once among the top 10 has been losing positions over time, currently being the 24th with the highest capitalization of market.

In addition, it also houses the USDT stablecoin, although the largest amount is stored in the Ethereum blockchain. Other than that, Justin Sun also has participation in BitTorrent (BTT), currency used in the transmission of files via torrent.

However, Justin Sun seems to have other plans, perhaps bigger ones. The announcement this Friday (17) points out that Sun has become ambassador of Grenada, a small country located in the Caribbean.

“Our cryptocurrency industry has come into the picture, we really need sovereign states, regulators and international organizations to recognize the potential and benefits of blockchain technology. That’s why I think I’m going to focus my energy on this, to try to introduce blockchain technology and cryptocurrencies — their importance to us in both developing and developed countries. I will also try to promote the development of new technologies in Grenada”, afirmou Justin Sun in Bloomberg

Despite this, Sun has not explained what his plans are to accomplish such a feat, making it unclear whether he will be working on CBDCs (central bank digital currencies) solutions or other use cases that use blockchain technology.

Justin Sun and the government

Two years ago, rumors circulated that Justin Sun had been banned from China after visiting his native country. According to reports, the government had warned him on account of accusations of financial scams.

That said, it’s a little strange that Sun wants to work within a government, although there are big differences between China and Grenada. Furthermore, having little influence on world politics due to its size, it is unlikely that Sun will be able to deliver the solutions it envisions.