The government of Tenerife plans to sell the 97 bitcoins it purchased in 2012, expecting a profit of 1000 times

According to Protos, the government of Tenerife is in talks to sell 97 bitcoins, which were purchased by the island's Institute of Technology and Renewable Energies (ITER) in 2012 for only 10,000 euros, and the current selling price is expected to reach 10 million dollars.

Juan José Martínez, a member of the Tenerife Island Council responsible for overseeing ITER, revealed that the department is in discussions with a Spanish financial institution regarding the purchase of these bitcoins. It is said that the council had previously attempted to sell these cryptocurrencies but was unsuccessful due to a series of regulatory hurdles and concerns over the high volatility of the asset.

Nevertheless, Martínez still hopes to complete the sale in the coming months. The potential buyer has not been officially announced, but it is reported to be an institution that has dual certification from the Bank of Spain and the National Securities Market Commission.

Blockworks researcher Fernando Molina pointed out that ITER had been unable to access its wallet for eight years before searching for a buyer. Since the purchase, the price of its bitcoins has increased by 1,000 times.