Italian banking sector undergoes a seismic shift as Intesa Sanpaolo, the country's largest bank, dives into the realm of cryptocurrencies with over $1 million in Bitcoin investment. Uncover the details of this groundbreaking move and its potential for driving crypto adoption in Italy.
Written by Ariela - Last updated on 01/15/2025 at 10:27 by Ariela
Intesa Sanpaolo, Italy’s largest bank, has achieved a historic milestone by becoming the first financial institution in the country to invest in Bitcoin. According to screenshots posted on 4chan, the bank reportedly purchased 11 BTC, approximately equivalent to $1.02 million.
This move signifies a significant step towards the adoption of Bitcoin and cryptocurrencies in Italy.
It is worth noting that Intesa Sanpaolo manages over €1,000 billion in assets, and this announcement could boost adoption in the country. The bank reportedly confirmed the authenticity of the screenshots to local journal Wired Italia.
Indeed, Niccolò Bardoscia, the head of digital asset trading and investments at Intesa Sanpaolo, is behind the messages. “Starting today 13/01/2025, Intesa Sanpaolo owns 11 bitcoins” – reads in his email.
The reasons behind this purchase remain a mystery. However, their CEO Carlo Messina states: “It’s a test, we’ve only invested 1 million. I would say to a family: never do it; I don’t do it, I don’t force my mother to do it.
Nevertheless, this marks a significant step forward in a country refining its regulatory framework.
For instance, in November 2024, the Italian government backtracked on lowering the tax rate on crypto gains. Initially set at 42% for 2025, it might be adjusted to around 28% following industry criticism.
In this context, Intesa Sanpaolo’s investment in Bitcoin shows optimism for the industry’s evolution in the country.
Moreover, in November last year, Bloomberg reported on the “blockchain plans” of Intesa Sanpaolo. Their roadmap included adding crypto spot trading and especially ETFs.
In conclusion, beyond financial implications, this announcement sends a strong signal to institutions in Italy and Europe. Once viewed with skepticism, cryptocurrencies now seem to be gaining legitimacy in traditional finance and government circles.
This could also revitalize the crypto industry in Italy and pave the way for dialogue with regulators. Could Italy become Europe’s crypto hub ?
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Ariela is one of the main editors of the news shared daily on InvestX. With 8 years of experience in writing, she writes articles on the topics that mark the crypto market each day.
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