Tron’s Justin Sun Announces New Acquisition for the BitTorrent Platform

Updated on Jan 22, 2020 at 8:54 pm UTC by Bhushan Akolkar · 3 min read
Photo: Shutterstock
Photo: Shutterstock

Justin Sun tweeted that the acquisition for BitTorrent will happen on the first day of 2020. Industry speculations suggest that Tron could be acquiring blockchain-based content distribution platform Steemit.

Justin Sun, the founder of Tron (TRX) cryptocurrency and the CEO of the BitTorrent platform has announced a new acquisition for the platform. On Sunday, December 29, Sun announced that he has a special announcement on January 1, 2020, for the BitTorrent family.

Besides, Justin Sun has also mentioned that the new acquisition will majorly benefit the TRON (TRX) ecosystem. Tron had earlier acquired the BitTorrent platform back earlier this year in July 2019.

During the acquisition, Justin Sun said that BitTorrent holds a clear vision of democratizing the internet. Besides, the platform has gained enough popularity for information sharing across multiple streams. He referred to BitTorrent as the “largest decentralized Internet ecosystem in the world.”

Speculations About Steemit Acquisition

At this point, it ain’t clear what the new acquisition would be. However, there are several speculations that it could be the acquisition of the Steemit platform. In the recent past, Justin Sun has shown enough interest in this platform and its projects.

Earlier this month, Chinese news publication Mars Finance reported that Justin sun is willing to acquire this blockchain-based content distribution platform Steemit.

Steemit is a blockchain-based content distribution platform that allows users to upload and securely store their original content. Thus, it is a completely decentralized space for content writers allowing them to earn revenue for their original content. Thereby, the platform shares quite a similar vision and interest with the Tron platform.

Currently, both Steemit and Tron are official partners. During the 2018 niTRON summit, the two companies decided to join hands.

BitTorrent and TRON’s Unsatisfactory Performance in 2019

The year-to-date performance of BitTorrent (BTT) token has negative returns as of now. At the start of 2019, BTT token was trading at $0.0004 but now it has lost 25% and is currently trading at $0.0003. At press time, the BTT token market cap is $66 million.

The BTT token participated during the market rally of Q2 2019 with its price surging from $0.0007 to $0.0017, which is a 150% price jump. However, in H2 2019, the BTT token lost all of its gains and dropped further to making new lows in 2019.

Similarly, TRON’s (TRX) performance this year hasn’t been much satisfactory. If we look at the year-to-date price movement, the TRX value has dropped since January 1, 2019. TRON (TRX) has lost nearly 30% since the start of the year.

Although it participated during the market rally of Q2 2019, it has lost more steam during the second half of the year. As a result of this price correction, TRON’s market cap has dropped below $1 billion. At press time, TRON (TRX) is trading at a price of $0.013 with a market cap of $901 million.

The TRON founder Justin Sun has also remained much in the news for heavily promoting a lunch with investing tycoon Warren Buffet. However, things have fallen flat on the face and not went as expected.

We are hopeful that Sun will revive the platform and 2020 will be fruitful for the TRON ecosystem.

Altcoins, Blockchain, Business, Cryptocurrency news, Investors
Bhushan Akolkar
Author: Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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