Spain’s Bitcoin Treasure: $10 Million Bitcoin Hidden for a Decade
A long-forgotten Bitcoin stockpile worth more than $10 million is about to be sold by a public research agency in Spain. More than ten years ago, the Tenerife Island Council-run Institute of Technology and Renewable Energies (ITER) bought 97 Bitcoins to investigate blockchain technology. The Bitcoins were first bought in 2012 as part of a blockchain research project for a mere $10,000.
Tenerife’s Bitcoin Sale Faces Roadblocks From European Banking Rules
The source was informed by Juan José Martínez, Tenerife’s innovation council member, that the council is working with a Spanish financial institution that has been approved by the Bank of Spain. The procedure to assist the sale will also be supervised by the National Securities Market Commission (CNMV). However, due to regulatory and volatility concerns, the majority of European banks continue to decline to process Bitcoin transactions. The research institute finds it challenging to liquidate its Bitcoin holdings as a result.
ITER’s 2012 Bitcoin Experiment Now Fuels Its Quantum Research Ambitions
According to Martínez, he anticipates that the deal will be finalized in the upcoming months and that the money will be put back into ITER’s own research initiatives, which include quantum technologies. He clarified that the 2012 acquisition was never intended to be an investment but rather to be a component of an experimental effort aiming to comprehend blockchain technology.
It was one of the numerous research projects ITER has undertaken to explore and experiment with new technological systems,
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