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Imagine stumbling upon a digital treasure chest buried deep within a research lab. That’s precisely what happened at a Spanish public research institute, which is about to cash in on a forgotten Bitcoin horde. Back in 2012, a meager $10,000 investment in Bitcoin for a blockchain project was quietly tucked away. Now, that digital dust has transformed into a glittering $10 million fortune, ready to be unleashed onto the market. This forgotten stash is a testament to Bitcoin’s explosive growth and a reminder that sometimes, the greatest discoveries are the ones we least expect.
A decade ago, a forward-thinking council in Tenerife took a gamble on a revolutionary technology: Bitcoin. The Institute of Technology and Renewable Energies (ITER), under the Tenerife Island Council, acquired 97 BTC, not for profit, but for exploration into the uncharted waters of blockchain. Now, that experiment is coming to a close. According to El Día, the council is preparing to liquidate its Bitcoin holdings, bringing an end to a unique chapter in the island’s technological journey.
Tenerife’s innovation chief, Juan José Martínez, revealed a groundbreaking collaboration. The council is partnering with a leading Spanish financial powerhouse, fully authorized by the Bank of Spain and the CNMV, to revolutionize the way assets are exchanged on the island. This alliance promises a secure and innovative marketplace for Tenerife.
European banks are slamming the door on Bitcoin, leaving a research center scrambling to convert its crypto fortune into usable funds. Fearful of regulatory storms and wild price swings, these financial institutions are making it tough to cash out.
Related: Bitcoin shows exhaustion as analysts say $125K target unlikely in 2025
Tenerife Council to reinvest proceeds into quantum research
Martínez anticipates finalizing the deal within months, channeling the funds directly into ITER’s groundbreaking research, including quantum technologies. He clarified the 2012 acquisition wasn’t an investment play, but an exploratory foray into blockchain infrastructure to deepen their understanding.
“Martínez framed it as one of ITER’s many daring forays into the unknown, each research project a bold experiment pushing the boundaries of existing technology.”
ITER’s Bitcoin nest egg has cracked the $10 million mark, sitting pretty as BTC hovers around $103,200. Back when Bitcoin was flexing its muscles at an all-time high of $126,198 in early October, that digital gold pile was worth a staggering $12 million, according to CoinMarketCap.
Bitcoin is trading above $103,000. Source: CoinMarketCap
Related: French Gov’t Set to Review Motion to ‘Embrace Bitcoin and Cryptocurrencies’
Spanish bank giant BBVA partners with Binance to custody user funds
Forget offshore accounts; Binance users are now parking their crypto-collateralized assets with BBVA, the Spanish banking titan. In a move that raises eyebrows and lowers risk, BBVA is now the independent custodian for Binance users’ funds – specifically, assets backing US Treasurys accepted by the exchange as margin for trading. Consider it a crypto-meets-traditional finance handshake, sealed with the promise of security and, perhaps, a dash of intrigue.
BBVA’s high-net-worth clients are dipping their toes into digital gold, with the financial giant recommending a crypto allocation of 3-7% of their portfolios.
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