Proceeds to Fund Quantum Technology Research and Scientific Innovation
A public research institute in Spain has achieved over 1,000 times profit by selling Bitcoin it purchased more than a decade ago for research purposes.
According to foreign media including the cryptocurrency-focused outlet BeInCrypto on the 9th, the Institute of Technology and New Renewable Energy (ITER) on Spain’s Tenerife Island is finalizing the sale process of 97 Bitcoins it held.
These Bitcoins were purchased by the institute in 2012 for approximately $10,000 (around 13 million Korean won) during experiments with blockchain technology. Their current value exceeds approximately $10 million (around 14.579 billion Korean won).
The sale is being conducted by a financial institution approved by Spain’s National Securities Market Commission (CNMV) and the Bank of Spain. Juan Jose Martinez, the innovation officer of Tenerife, stated, “European banks are hesitant about Bitcoin transactions due to regulations and price volatility,” while adding, “the liquidation process is in its final stages.”
The institute, which hit the ‘jackpot’ due to the Bitcoin surge, plans to reinvest the entire profit into scientific innovation. It particularly aims to strengthen quantum technology research programs and infrastructure in the future.
