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

The Tenerife Council is set to sell 97 bitcoins purchased in 2012 for €10,000 (approximately $11,500), now valued at nearly €10 million due to a nearly 10,000% increase in price. The purchase was made by the Instituto Tecnológico y de Energías Renovables (ITER) as part of a research initiative to explore blockchain technology, not for profit. The process of selling the coins has been complicated, as previous attempts were rejected by Spanish banks. Currently, ITER is in talks with a regulated Spanish financial entity to complete the sale. The proceeds will be allocated to new research projects at ITER, specifically in advancing fields like quantum technology. This sale signifies a significant financial turnaround for the council, illustrating the unpredictable nature of cryptocurrency investments.

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