The Council of Tenerife (Canary Islands) has put up for sale 97 bitcoins that were purchased in 2012 for €10,000. The current value of the coins is estimated at around €10 million, and their sale could bring the institute a profit of 99,900%.
These bitcoins were purchased by the Institute of Technology and Renewable Energy (ITER), which is part of the Council, for the purpose of researching blockchain technology. Thirteen years ago, €10,000 was spent on the coins (approximately €103 per BTC). Since then, their value has increased by about 1,000 times.
This is not the first attempt by the island's administration to sell bitcoins. The institute has been unable to do so for several years while complying with Spanish legal requirements.
No information is provided about the research results for which the bitcoins were needed. It is known that the institute is currently studying quantum technologies. Since the coins were purchased for the experiment, "it makes sense to try to sell them now, when they are so overvalued, and invest them in ITER's own projects," said representatives of the institute.
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