Spanish Research Institute Profits from Bitcoin Sale After 13 Years
A research institute in Spain has struck gold after selling its Bitcoin holdings, which were acquired 13 years ago for research purposes. According to cryptocurrency news outlets such as Decrypt, the Institute of Technology and Renewable Energy (ITER) located on the Spanish Canary Island of Tenerife is finalizing the sale of 97 Bitcoins.
The Bitcoins were purchased in 2012 during the institutes experimentation with blockchain technology at a cost of around $10,000 (approximately 14.5 million KRW). Their current value has skyrocketed to over $10 million (around 14.5 billion KRW).
The sale is being conducted by a financial institution that has received approval from both the Spanish National Securities Market Commission (CNMV) and the Bank of Spain. Juan José Martínez, the innovation officer for Tenerife, noted that European banks have been hesitant to engage in Bitcoin transactions due to regulatory and price volatility concerns. However, he confirmed that the liquidation process is nearing completion.
Thanks to the dramatic rise in Bitcoins value, the institute plans to reinvest the entire profit into scientific innovation. Specifically, they aim to enhance their quantum technology research programs and infrastructure in the future.
The Bitcoins were purchased in 2012 during the institutes experimentation with blockchain technology at a cost of around $10,000 (approximately 14.5 million KRW). Their current value has skyrocketed to over $10 million (around 14.5 billion KRW).
The sale is being conducted by a financial institution that has received approval from both the Spanish National Securities Market Commission (CNMV) and the Bank of Spain. Juan José Martínez, the innovation officer for Tenerife, noted that European banks have been hesitant to engage in Bitcoin transactions due to regulatory and price volatility concerns. However, he confirmed that the liquidation process is nearing completion.
Thanks to the dramatic rise in Bitcoins value, the institute plans to reinvest the entire profit into scientific innovation. Specifically, they aim to enhance their quantum technology research programs and infrastructure in the future.
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