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A research institute in Spain decided to sell the Bitcoin it bought for research 13 years ago when its value increased nearly 1,000 times.
According to El Dia, a local media outlet in Tenerife, Spain, on the 7th (local time), the Institute for Technology and Renewable Energy (ITER) located on the island of Tenerife is finalizing the sale process of 97 Bitcoins purchased for research purposes.
In 2012, ITER purchased 97 bitcoins for 10,000 euros (about 13 million won at the time) for blockchain technology research. The value of Bitcoin increased to over $9.8 million (approximately 14.3 billion won), resulting in a ‘windfall’ of approximately 1,000 times in 13 years.
ITER’s Bitcoin is sold under the supervision of the Central Bank of Spain and the Securities and Exchange Commission. “The liquidation process is in the final stages,” said Tenerife Innovation Commissioner Juan José Martinez. “The proceeds will be used to support future research programs, especially the development of quantum technologies.”
Bitcoin has recently been trading around $100,000. Last August, it surpassed $126,000, hitting an all-time high.
Reporter Dasom Kim dasom0209@mt.co.kr
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