Tenerife to receive 100,000% profit from 'experimental' Bitcoin sales
Coins purchased for research in 2012 have increased in price almost a thousandfold.
The Tenerife Island Council (Canary Islands) has put 97 bitcoins (BTC) purchased in 2012 for €10,000 up for sale, Protos reported, citing local media. These coins are now valued at approximately €10 million, and their sale could yield the institute a 99,900% profit.
These bitcoins were acquired by the Institute of Technologies and Renewable Energies (ITER), a member of the Council, for the purpose of researching blockchain technology. Thirteen years ago, €10,000 (approximately €103 per BTC) was spent on the coins. Since then, their value has increased approximately 1,000-fold.
It's worth noting that this isn't the island administration's first attempt to sell bitcoins. The institute has been trying for several years, but hasn't yet been able to comply with Spanish law.
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The results of the research that required the bitcoins have not been reported. It is known that the institute is currently studying quantum technologies. Tenerife Council Innovation Advisor Juan José stated that since the coins were purchased for experimental purposes, “it makes sense to try to sell them now, when they are so overvalued, and invest them in ITER projects.”
Not every bank in Europe can handle cryptocurrency exchanges, and the institute is currently in talks with a financial institution that has permission to do so from the Bank of Spain and the National Securities Market Commission (CNMV).
Meanwhile, the island council is completing the administrative procedures necessary for the Bitcoin sale. Martinez hopes to close the deal in the coming months, according to journalists. This will be another major cryptocurrency sale, a series of which are being recorded on the market.
As of 5:30 PM Moscow time on November 5, the Bitcoin price was hovering around $103,000. Today, it fell below $100,000 for the first time in four months, during which it managed to hit several historical highs, peaking at $126,000 in early October.
The current decline was triggered by large, long-standing Bitcoin holders locking in profits amid record prices, analysts believe. They estimate that whales have sold $45 billion worth of BTC in the last month alone.
Source: cryptonews.net
