A Windfall from 2012

The council of Tenerife, one of Spain’s Canary Islands, has approved the sale of Bitcoin it acquired over a decade ago in 2012. The digital asset has seen its value increase by nearly 10,000% since it first came into the council’s possession, presenting a significant and unexpected financial windfall.

Origins of the Digital Asset

The cryptocurrency was reportedly part of assets obtained from a public transport company that owed money to the council. At the time of the acquisition, Bitcoin’s market value was a tiny fraction of its current price. The council’s long-term holding—whether intentional or not—positions it as a rare example of a government body profiting from the growth of the digital asset market.

Realizing a Decade of Growth

Officials are now proceeding with the necessary steps to liquidate the holdings and convert the gains into fiat currency. While the exact amount of Bitcoin held has not been disclosed, the sale is expected to provide a notable boost to public funds. The decision highlights the unique financial situations that can arise as digital assets become more integrated into the broader economy.