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Italy’s Largest Bank Makes History With €1M BTC Purchase: Report
Intesa Sanpaolo, Italy’s largest banking institution, has reportedly made history by purchasing Bitcoin worth approximately €1 million. The unprecedented transaction marks the first direct cryptocurrency purchase by a bank in the country, potentially redefining its cautious approach to digital assets.
The development is reportedly substantiated by screenshots allegedly from Intesa’s digital asset chief Niccolò Bardoscia, which reveal emails celebrating the accomplishment and commending the collaboration behind the operation. One email explicitly states: “As of today, Intesa Sanpaolo owns 11 Bitcoins. Thank you all for your teamwork.”
According to Wired Italia, a bank representative has confirmed the purchase details, acknowledging that the institution acquired 11 BTC for approximately $1.03 million.
Intesa’s bold move into Bitcoin contrasts starkly with Italy’s conservative stance on digital assets, exemplified by the country’s central bank governor, Fabio Panetta. The 65-year-old economist has expressed skepticism about the inherent value and security of such products, labeling them as speculative and vulnerable to fraud and cybersecurity risks.
Notably, this acquisition coincides with a growing trend of institutional interest in cryptocurrencies pioneered by MicroStrategy. On Monday, the U.S.-based software giant acquired an additional 2,530 coins for $243 million, increasing its total holdings to 450,000. Similarly, Japanese investment firm Metaplanet has announced plans to expand its Bitcoin reserves to 10,000 units. Additionally, energy storage company KULR Technology Group has made the commitment to allocate up to 90% of its surplus cash into cryptocurrency.
Source: cryptopotato.com
