Spain's ITER to Cash In $10 Million Bitcoin Bought for $10,000 in 2012

The cryptocurrency, bought for around $10,000 in 2012, is worth over $10 million.

The Institute of Technology and Renewable Energies (ITER), located in Tenerife and managed by the island’s local government, originally bought 97 BTC BTC $100,892.65 to explore how blockchain systems worked.

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Currently, the council is arranging to sell the Bitcoin through a Spanish financial company that is officially approved by the Bank of Spain and the country’s financial regulator, the CNMV.

According to Juan José Martínez, the councillor in charge of innovation in Tenerife, the money from the sale will be used to support new research at ITER. One of the focus areas for future investment is quantum technology.

However, many banks in Europe remain cautious about handling digital currencies due to the risks involved. This has made it harder for institutions like ITER to exchange their crypto assets for regular money.

Martínez explained that the original goal in 2012 was simply to learn more about how blockchain worked. Using real Bitcoin was necessary to carry out the tests and experiments properly. He said:

This was one of several research projects ITER carried out to study and test new types of technology.

Meanwhile, a recent federal case could lead to an increase in Bitcoin held by the United States government. How? Read the full story.