Tenerife considers selling 97 bitcoins for $10 million

A Tenerife government official is negotiating the sale of 97 bitcoins (BTC) worth $10 million belonging to the Institute of Technology and Renewable Energy (ITER). According to Juan José Martínez, an advisor to the island, ITER is discussing the deal with an authorized financial institution in Spain. Initial attempts to sell the cryptocurrency were unsuccessful, but Martinez is hopeful that the deal will be finalized within the next few months.

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The bitcoins were purchased 13 years ago as part of a study that explored the mechanisms of this asset and blockchain technology. After eight years of losing access to the wallet, ITER is looking for a buyer. Martinez stressed that this is not a financial investment, but just one of many projects aimed at understanding different technological systems.

The former president of the Tenerife Council criticized the purchase of BTC for the “opacity” of cryptocurrencies. ITER is now awaiting an official response from a potential buyer who is certified as an institute with confirmation from the Bank of Spain and the National Securities Commission.