Spanish Council Aims to Sell Bitcoin After 1,000x Jump, Could Fuel Quantum Research

The Council of Tenerife, which oversees the Technological and Renewable Energy Institute (ITER) for the Spanish island, is attempting to sell 97 Bitcoin it acquired for €10,000 in 2012, according to a report from Tenerife’s local outlet, El Dia. 

The Bitcoin, which was purchased as part of a technological experiment to investigate blockchains, has grown in value by about 1,000x and is now valued around $9.8 million.

“It was one of the many investigations carried out by ITER to understand the different technological systems and experiment with them,” Tenerife Minister of Innovation Juan José Martínez said of the original purchase, according to a translation of El Dia’s report.

The Council has attempted to sell the Bitcoin in the past, but has run into complications. Now Martínez is hopeful to complete the sale in the coming months by working with an unnamed organization that is regulated by the Bank of Spain and the National Securities Market Commission—Spain’s version of the SEC. 

Though it wasn’t purchased as a financial investment, the sale would create quite a haul for ITER, and the proceeds are expected to fund additional research projects.

The Institute is currently investigating quantum technology, but also participates in the research of renewable energies and genomics, according to its website. 

Interestingly, Bitcoin and quantum technology are becoming increasingly intertwined, due to the prospect of future, higher-powered quantum computers potentially breaking Bitcoin’s cryptography. While the threat still appears to be years away, developers are already working to find solutions to the problem.

In March, Spain’s second-largest bank, BBVA, announced it would offer the trading of Bitcoin and Ethereum to customers that met necessary wealth requirements. In June, struggling Spanish coffee brand Vanadi Coffee created a strategic Bitcoin reserve in an attempt to turn around its fortunes. 

Bitcoin was recently changing hands around $101,000, down by almost 20% after reaching a new all-time high above $126,000 in August.