Spanish Research Institution Plans to Sell Bitcoin Purchased for $10,000 in 2012, Now Worth Over $10 Million

BlockBeats News, November 6, according to Cointelegraph, a public research institution in Spain is preparing to sell its holdings of Bitcoin, currently worth over 10 million dollars, whereas these Bitcoins were initially purchased in 2012 as part of a blockchain research project for only 10,000 dollars.

According to the Spanish newspaper El Día, the Renewable Energy and Technology Institute (ITER), affiliated with the Tenerife Island Council, bought 97 Bitcoins over a decade ago for research into blockchain technology. The council is currently finalizing the plan to sell this holding.

Juan José Martínez, the Commissioner of Innovation Affairs of Tenerife, stated that the council is collaborating with a Spanish financial institution authorized by the Bank of Spain and the National Securities Market Commission to assist in completing this sale. Due to regulatory and volatility risks, most European banks still refuse to process Bitcoin transactions, making the process of selling Bitcoins by this research institution even more complex.