[Tenerife Government Plans to Sell 97 Bitcoins, Expected to Earn Over 1,000 Times Profit]
The Tenerife government is planning to sell 97 Bitcoins purchased by its Institute of Technology and Renewable Energy (ITER) in 2012 for €10,000, which are now valued at approximately $10 million, representing a growth of over 1,000 times. According to council member Juan José Martínez, ITER is negotiating the transaction with a financial institution that holds dual certification from the Bank of Spain and the National Securities Market Commission. Previously, due to regulatory obstacles and concerns over the high volatility of crypto assets, the sale plan could not move forward. Additionally, ITER had been unable to access its Bitcoin wallet, leaving the assets dormant for eight years. Martínez stated that they hope to complete the transaction within the next few months, though potential buyers have not yet been officially disclosed.