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

The local council of Tenerife is set to sell 97 bitcoin purchased in 2012 for €10,000 as part of a research initiative, now valued at nearly €10 million. The bitcoin was acquired by the Instituto Tecnológico y de Energías Renovables (ITER) to study blockchain technology rather than for profit. Negotiations for the sale are ongoing with a regulated Spanish financial entity after previous attempts were rejected by Spanish banks. The funds from the sale will support new research projects at ITER, with a focus on areas such as quantum technology. This extraordinary increase in value reflects a nearly 10,000% rise over the decade since the initial purchase.

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