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A Spanish research institution plans to sell the Bitcoin it acquired in 2012 for $10,000, which is now worth over $10 million.
On November 6, according to Cointelegraph, a public research institution in Spain is preparing to sell its holdings of Bitcoin, currently valued at over $10 million, which were initially purchased in 2012 as part of a blockchain research project for only $10,000. According to the Spanish newspaper El Día, the Institute for Renewable Energy and Technology Research (ITER), which is affiliated with the Tenerife Island Council, bought 97 Bitcoins over a decade ago for research into blockchain technology. The council is currently finalizing plans to sell this holdings. Juan José Martínez, the Commissioner for Innovation Affairs of Tenerife Island, stated that the council is working with a Spanish financial institution authorized by the Central Bank of Spain and the National Securities Market Commission to assist in completing the sale. Due to regulatory and volatility risks, most European banks still refuse to handle Bitcoin transactions, which complicates the process for the research institution to sell its Bitcoins.