Bitcoin bought for experimentation turns into 1,000x 'jackpot'…sitting on a fortune after 13 years

Korea Economic Daily

Summary

A Spanish research institute said it purchased 97 bitcoins in 2012 for research purposes at about $10,000.
The current value of those bitcoins is about $10 million, representing a 1,000-fold return over 13 years.
The institute said it plans to reinvest all proceeds from the sale into scientific innovation and quantum technology research.

Spanish research institute bought 97 bitcoins for $10,000 13 years ago

Bitcoin 1,000x 'jackpot'…sitting on a fortune after 13 years

A Spanish research institute has hit the jackpot. It sold 19 bitcoins it bought 13 years ago for research purposes, realizing a profit of about 1,000 times.

On the 9th, according to crypto-specialized media Decrypt and others, the technology and renewable energy research institute (ITER) on the Spanish territory of Tenerife is finalizing the sale of the 97 bitcoins it held.

These bitcoins were purchased by the institute in 2012 while experimenting with blockchain technology for about $10,000 (about 14.5 million won). Their current value is over about $10 million (about 14.5 billion 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 José Martínez, Tenerife's innovation officer, said, "European banks are hesitant to deal in bitcoin because of regulation and price volatility," adding that "the liquidation process is in its final stages."

The institute, which struck it rich due to the bitcoin surge, plans to reinvest all proceeds into scientific innovation. In particular, it intends to strengthen future quantum technology research programs and infrastructure.

Jin Young-gi, Hankyung.com reporter young71@hankyung.com

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