There’s a new hot topic from Italy – its recent entry into the crypto scene. According to a report on Wired, Italy’s largest bank, Intesa Sanpaolo, has just bought some Bitcoin (BTC).
The report claims that the bank bought 11 BTC for about $1.02 million.
It also mentioned that this information comes from a leaked email between bank employees, which was posted on the platform 4chan.
The post included an image of the email by the bank’s head of digital assets trading, Niccolò Bardoscia, who wrote:
“As of today 13/01/2025, Intesa Sanpaolo owns 11 Bitcoins. Thanks to everyone for the teamwork, this result would not have been possible without each of you.”
According to Wired, Intesa Sanpaolo confirmed the purchase. If true, this is a first for the South-European nation and a change from official policy.
Read more: Semler Scientific Snaps Up $23M More in Bitcoin, Total Holdings Surpass $192M with 99% Yield
Italian Central Bank Not Pleased with Bitcoin
The governor of the Bank of Italy, Fabio Panetta, is no BTC fan, to put it mildly. He has been on record to warn about involvement with BTC and Ethereum (ETH) in the past.
It will be interesting to see if other Italian banks will follow Intesa Sanpaolo’s move and if it will lead to further adoption EU-wide.
In any case, the secrecy of the bank’s Bitcoin purchase just confirms what some analysts had already expected: institutional adoption, but in secret.
Fidelity Digital Assets research analyst Matt Hogan recently stated that institutional adoption is happening but that there’s no “incentive to announce these plans, as doing so could influence more buyers and drive up the price”.
With Donald Trump’s inauguration only days away, it will be interesting to see what happens with the strategic BTC reserve in the United States and if it will have a knock-on effect on other nations and institutions.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
