There is a new hot topic coming out of Italy – its recent entry into the cryptocurrency scene. According to A a report On Wired, Intesa Sanpaolo, the largest bank in Italy, just bought some Bitcoin (BTC).
The report claims that the bank purchased 11 bitcoins for about $1.02 million.
She also stated that this information comes from a leaked email between bank employees, which was posted on the 4chan platform.
The post included a screenshot of the email by the bank’s head of digital asset trading, Niccolò Bardoscia, who wrote:
“As of today 01/13/2025, Intesa Sanpaolo owns 11 Bitcoins. Thank you to everyone for the teamwork, this result would not have been possible without each and every one of you.
According to Wired, Intesa Sanpaolo confirmed the purchase. If true, it would be a first for the southern European country and a change from official policy.
Read more: Semler Scientific Acquires Additional $23 Million in Bitcoin, Total Holding Exceeds $192 Million for a 99% Return
The Italian Central Bank is not happy with Bitcoin
The Governor of the Bank of Italy, Fabio Panetta, is not a fan of Bitcoin, to put it mildly. He has been on record to warn against involvement with BTC and Ethereum (ETH) in the past.
It will be interesting to see whether other Italian banks follow Intesa Sanpaolo’s move and whether it will lead to further adoption at EU level.
In any case, the secrecy of the bank’s purchase of Bitcoin only confirms what some analysts had already predicted: institutional adoption, but in secret.
Fidelity Digital Assets Research Analyst Matt Hogan recently male Institutional adoption is occurring but there is “no incentive to announce these plans, because doing so could influence more buyers and lead to higher prices.”
With Donald Trump’s inauguration just days away, it will be interesting to see what happens with the US Strategic Bitcoin Reserve and whether it will have a knock-on effect on other countries and institutions.
