TechFlame reports that, according to Protos, the government of Tenerife is currently in talks to sell 97 bitcoins, which were purchased by the Institute of Technology and Renewable Energy (ITER) in 2012 for just €10,000. The current estimated sale price is around $10 million. Juan José Martínez, a member of the Tenerife Island Council overseeing ITER, revealed that the department is negotiating with a Spanish financial institution for the purchase of these bitcoins. It is reported that the council had previously attempted to sell these cryptocurrencies but was unsuccessful due to a series of regulatory hurdles and concerns over the asset's high volatility. Despite this, Martínez remains hopeful that the sale can be completed in the coming months. The potential buyer has not been officially disclosed, but it is said to be an institution certified by both the Bank of Spain and the National Securities Market Commission. Fernando Molina, a researcher at Blockworks, pointed out that ITER had been unable to access its wallet for eight years before seeking a buyer. Since the purchase, the value of its bitcoins has surged by 1,000 times.