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Intesa Sanpaolo, the premier bank in Italy, made headlines with a bold leap into the cryptocurrency market, purchasing 11 bitcoins for $1 million. On January 13th, this groundbreaking transaction occurred at 11 a.m. CET, marking the bank’s initial foray into Bitcoin with the price per coin standing at around $92,800. This move could signal a changing tide in the regulatory landscape for cryptocurrencies in Italy.
According to a leaked internal email from Niccolò Bardoscia, Head of Digital Assets Trading & Investments at Intesa Sanpaolo, this investment is just the starting point. The bank’s venture into Bitcoin reflects a growing acceptance and could potentially catalyze further institutional engagement across Italy and beyond. Currently, over 1.4 million Italians hold cryptocurrencies, collectively valued at €2.2 billion.
Despite recent government plans to hike taxes on crypto gains, public pushback has kept rates steady, aligning with those of stock market gains. This could set a favorable stage for continued investment in cryptocurrencies. With Italy’s largest bank now officially in the game, even skeptical investors might be swayed to explore this burgeoning sector.
