Tenerife Council to Sell Bitcoin Bought In 2012 After Near 10,000% Price Rise

The local council of Tenerife, through its public tech center Instituto Tecnológico y de Energías Renovables (ITER), is preparing to sell 97 bitcoin that it purchased in 2012 for €10,000 (about $11,500). The initial purchase was part of a research project to study blockchain technology, not for profit. Due to a nearly 10,000% price increase, the sale is now expected to yield close to €10 million. The process of selling the cryptocurrency has faced hurdles, with Spanish banks previously refusing the transaction. ITER is currently negotiating the sale with an unnamed Spanish financial entity regulated by the Bank of Spain and the CNMV. According to Tenerife's innovation councillor, Juan José Martínez, the proceeds from the sale will be used to fund new research projects at ITER, including explorations into fields like quantum technology.

(Source：CoinDesk)