The first purchase of Bitcoin by an Italian bank
Recently, Intesa Sanpaolo made a purchase of 11 Bitcoin, worth about 1 million euros. This event marks a significant turning point in the Italian banking landscape, as it represents the first direct transaction in physical cryptocurrency by a credit institution in our country. The transaction not only highlights the growing interest of banks in cryptocurrencies, but also highlights the importance of an integration between traditional finance and the crypto world
.
A step towards financial innovation
Michele Mandelli, managing partner of CheckSig, commented that “it was only a matter of time” before Italian banks started investing directly in Bitcoin. Until now, Intesa Sanpaolo’s crypto proprietary trading desk operated mainly on traditional instruments such as ETPs. This first direct investment represents a break of a wall, paving the way for new opportunities in the sector. The Mica regulation, which offers a regulated framework for banks’ access to the cryptocurrency market, has made this operation possible
.
Future prospects for the banking sector
Although the economic value of the transaction is relatively modest compared to the size of Intesa Sanpaolo, the real news is the path taken by the bank. This investment shows that the institution has activated the necessary operational processes to deal with cryptocurrencies, paving the way for additional innovative services. Mandelli stressed that this initiative is not an isolated case, as other Italian and European banks are preparing similar moves. The ultimate goal is to offer services to end customers, such as wallets, trading and taxation.
The cryptocurrency market in Italy
According to the Agency for Agents and Mediators (OAM), more than two million Italians have an account with a cryptocurrency exchange, with crypto assets estimated at around 2 billion euros. If, as suggested by BlackRock, even just 2.5% of the savers’ portfolio were allocated to Bitcoin, the Italian crypto market could reach a value of more than 150 billion euros. This would represent a significant increase compared to the current value, demonstrating that interest in cryptocurrencies is constantly growing and that banks are carefully studying how to respond to this
emerging demand.