PANews reported on November 4th that, according to Protos, the Tenerife government is in talks to sell 97 bitcoins purchased by the island's Institute for Technology and Renewable Energy (ITER) in 2012 for only €10,000, with the current asking price estimated at $10 million. Juan José Martínez, a member of the Tenerife parliament responsible for overseeing ITER, revealed that his department is in discussions with a Spanish financial institution regarding the purchase of these bitcoins. The parliament reportedly previously attempted to sell the cryptocurrency but failed due to a series of regulatory hurdles and concerns about the asset's high volatility. Nevertheless, Martínez hopes to complete the sale within the next few months. The potential buyer has not yet been officially announced, but it is reportedly an institution dually certified by the Spanish Bank and the National Securities Market Commission. Blockworks researcher Fernando Molina pointed out that ITER had no access to its wallets for eight years before seeking a buyer. Since the purchase, the price of its bitcoins has increased 1000 times.PANews reported on November 4th that, according to Protos, the Tenerife government is in talks to sell 97 bitcoins purchased by the island's Institute for Technology and Renewable Energy (ITER) in 2012 for only €10,000, with the current asking price estimated at $10 million. Juan José Martínez, a member of the Tenerife parliament responsible for overseeing ITER, revealed that his department is in discussions with a Spanish financial institution regarding the purchase of these bitcoins. The parliament reportedly previously attempted to sell the cryptocurrency but failed due to a series of regulatory hurdles and concerns about the asset's high volatility. Nevertheless, Martínez hopes to complete the sale within the next few months. The potential buyer has not yet been officially announced, but it is reportedly an institution dually certified by the Spanish Bank and the National Securities Market Commission. Blockworks researcher Fernando Molina pointed out that ITER had no access to its wallets for eight years before seeking a buyer. Since the purchase, the price of its bitcoins has increased 1000 times.
The Tenerife government plans to sell 97 bitcoins it purchased in 2012, expecting a 1000-fold profit.
PANews reported on November 4th that, according to Protos, the Tenerife government is in talks to sell 97 bitcoins purchased by the island's Institute for Technology and Renewable Energy (ITER) in 2012 for only €10,000, with the current asking price estimated at $10 million. Juan José Martínez, a member of the Tenerife parliament responsible for overseeing ITER, revealed that his department is in discussions with a Spanish financial institution regarding the purchase of these bitcoins. The parliament reportedly previously attempted to sell the cryptocurrency but failed due to a series of regulatory hurdles and concerns about the asset's high volatility. Nevertheless, Martínez hopes to complete the sale within the next few months. The potential buyer has not yet been officially announced, but it is reportedly an institution dually certified by the Spanish Bank and the National Securities Market Commission. Blockworks researcher Fernando Molina pointed out that ITER had no access to its wallets for eight years before seeking a buyer. Since the purchase, the price of its bitcoins has increased 1000 times.
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