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

On November 6th, as per Cointelegraph, a public research institution in Spain is set to sell its holdings of Bitcoin, which are currently valued at over 10 million dollars. These Bitcoins were originally purchased in 2012 as part of a blockchain research project for just 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 more than a decade ago for the purpose of researching blockchain technology. The council is currently in the process of 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 facilitate the completion of this sale. Due to regulatory and volatility risks, the majority of European banks still refrain from processing Bitcoin transactions, thereby making the process of selling Bitcoins by this research institution even more complicated.