Bitcoin: The city of Tenerife wants to sell $10 million worth of bitcoins to fund quantum research

Well done Tenerife! In 2012, the city council of Tenerife purchased 97 bitcoins as part of a blockchain research project. Now they want to sell their $10 million catch to fund new research projects. This shows that when politicians knowledgeable and well informed about bitcoin, it can benefit the population.

Key points of this article:

• The council of Tenerife has decided to sell 97 bitcoins purchased in 2012, the value of which reached 10 million dollars.
• Funds from of this sale will be directed mainly to quantum technology research and other innovative projects.

Tenerife council wants to sell its bitcoins According to an article in the local media El Dia, Council of Tenerife a Spanish island, is considering the possibility selling 97 bitcoins, purchased in 2012, for approximately €10,000. At the time, these bitcoins were purchased as part of a blockchain research project conducted by the Institute for Technology and Renewable Energy (ITER).

That 97 BTC is now worth almost 10 million dollars that in 1000 times more than their initial cost. The Council of Tenerife plans to use these funds to fund new research projects.

The initial purchase of these bitcoins was part of a larger project aimed at research new ones technologies . According to Juan José Martínez, Tenerife’s Minister of Innovation, the goal was “to understand and experiment with different technological systems.” And that’s when you realize they’ve really got the concept bitcoin !

The city of Tenerife could make a nice profit by reselling its bitcoins.

Municipal Bitcoin funded research project Although the Council tried to sell these bitcoins in the past, she has encountered several obstacles . However, Juan Jose Martinez remains optimistic and hopeful to complete sale in the coming months in collaboration with an organization regulated by the Bank of Spain.

Proceeds from this sale are expected to be used primarily for research quantum technologies a field in which ITER is already involved. The institute also works on projects related to renewable energy and genomics .

This story is inevitably reminiscent of our German neighbors who decided to sell their bitcoins at the wrong time and at the same time lost a significant amount of money . However, the city of Tenerife should not delay too long in completing the sale, as due to a misunderstanding, Bitcoin may soon to be much cheaper than it is now.

Source: journalducoin.com