Italy's largest bank puchased $1 million worth of bitcoin.

[Distinctin]

https://www.ccn.com/news/crypto/italy-largest-bank-intesa-sanpaolo-bullish-bitcoin/

Key Takeaways

Intesa Sanpaolo’s First Bitcoin Purchase
On Jan. 13, a leaked internal email from Niccolò Bardoscia, the Head of Digital Assets Trading & Investments, revealed that the bank had executed its inaugural Bitcoin trade, purchasing 11 BTC for $1 million.

Intesa Sanpaolo made the purchase around 11 a.m. CET when Bitcoin was trading at approximately $92,800.

“Hoping this is just the beginning,” Bardoscia wrote in the email, signaling potential future investments.

Italy’s largest bank, Intesa Sanpaolo, made its first Bitcoin trade.
This move may encourage more mainstream acceptance in the country.
1.4 million Italians currently hold cryptocurrencies.

Banks used to dislike Bitcoin because it’s decentralized and often associated with money laundering. But now their stance has completely changed, they’re buying Bitcoin like they’re afraid of running out of supply. For sure, more banks will follow, and possibly other financial institutions too. Big win for us!

[Agbamoni]

Yesterday we had news of the Ming Shing group buying over $47 million Bitcoin, purchasing 500 BTC at an average price of $94,375 per coin. Now the Intesa Sanpaolo has bought theirs.

If both the Ming Shing Group and Intesa Sanpaolo are buying Bitcoin, it really gives a signal that a shift in how traditional businesses view Bitcoin. Which is very satisfying.

Although the Intesa Sanpaolo CEO (Carlo Messina) said it is a test. Although i still see 1 million euros worth of Bitcoin as a large investment.

Which other firm/organization is next? I cant wait to hear more news

[stadus]

Although the Intesa Sanpaolo CEO (Carlo Messina) said it is a test. Although i still see 1 million euros worth of Bitcoin as a large investment.

Which other firm/organization is next? I cant wait to hear more news

They’re the biggest bank in the country, so smaller banks will likely follow their lead. Just imagine if the entire financial sector started buying Bitcoin—it would mean banks and crypto exchanges could seamlessly link up, making transactions smoother and paving the way for wider adoption.

As for the Ming Shing Group, it’s a bit unusual for them to buy Bitcoin since they’re not in the financial sector. If I’m not mistaken, their focus is on engineering. But when it comes to the banking industry, that’s definitely good news if they adopt it. It makes sense since it’s all connected, kind of like merging centralized systems with decentralized ones. 

[Oshosondy]

We have just started. This is the beginning of banks and governments having more support for bitcoin. A time is coming that the banks and governments will buy more bitcoin but we would not talk about it anymore as most countries around the world are buying bitcoin. A time is coming most banks of the world and most countries in the world would have all bought bitcoin. This is a good news.

[michellee]

More banks and institutional will buying Bitcoin. This is a good news for Bitcoin and maybe that is one reason of Bitcoin price increase this day.

If we see more good news like this, that can boost the price to the high price. It shows to us that the big company will also join in the Bitcoin and that will also makes more people will enter to Bitcoin. While Intesa Sanpaolo’s bought Bitcoin at $92,800, the price now reach $97k and still increase so they are making a nice profit with their Bitcoin.

Maybe they will still buying more Bitcoin especially when the price is down. It is a right decision for them to buy Bitcoin in a lower price.

[Davidvictorson]

Intesa Sanpaolo made the purchase around 11 a.m. CET when Bitcoin was trading at approximately $92,800.

No need to convince anyone. They will buy at the price that they deserve. Intesa Sanpaolo could have bought bitcoins when the price was at $50k but see the price they bought it at. Some other banks would buy at $150k soon.

Furthermore, the Bank of Italy released guidelines on applying EU cryptocurrency rules. Its governor, Fabio Panetta, has a strong anti-crypto stance. Panetta emphasized that only banks and electronic money institutions can issue stablecoins, as they are backed by legal tender currencies and protected by specific rules. However, Italy’s largest bank’s official entry into the crypto world will likely encourage even the most cautious and conservative savers to examine this sector more closely.

Crypto is going mainstream and it cannot escape regulation.
More adoption will result in a price increase. We will see people buying at $150k. What I am thinking now is that will the "the most cautious and conservative savers" buy the bitcoin or the bitcoin ETFs?

[retreat]

Banks used to dislike Bitcoin because it’s decentralized and often associated with money laundering. But now their stance has completely changed, they’re buying Bitcoin like they’re afraid of running out of supply. For sure, more banks will follow, and possibly other financial institutions too. Big win for us!

More and more large companies are looking at Bitcoin as an asset for their investment. This shows that Bitcoin is a potential asset - to the point that these large companies show their interest in investing in Bitcoin and entrust their money to it. Although the investment made by Intesa Sanpaolo is not that big, only $ 1M USD, but as the largest bank in Italy and also one of the big players in Europe, Intesa Sanpaolo will set an example for other companies and maybe this will have a positive impact that other companies will follow their steps to invest in Bitcoin.

[Die_empty]

We have just started. This is the beginning of banks and governments having more support for bitcoin. A time is coming that the banks and governments will buy more bitcoin but we would not talk about it anymore as most countries around the world are buying bitcoin. A time is coming most banks of the world and most countries in the world would have all bought bitcoin. This is a good news.

At a time when the Italian government was planning to increase cryptocurrency capital gains tax, the first Italian bank had just purchased 11 Bitcoin. This might be the beginning of the good news from Italian Banks. I am just wondering where some governments have refused to lift sanctions on banks to deal with or invest in Bitcoin. This is the situation in my country, this has made them miss out on the benefits that Bitcoin offers.     

If both the Ming Shing Group and Intesa Sanpaolo are buying Bitcoin, it really gives a signal that a shift in how traditional businesses view Bitcoin. Which is very satisfying.

Some Bitcoin critics might see the number of these purchases as insignificant. However, I am more concerned about the ripple effect of the involvement of these institutions. More investors might decide to join the sector because of this news.   

[betswift]

Some Bitcoin critics might see the number of these purchases as insignificant. However, I am more concerned about the ripple effect of the involvement of these institutions. More investors might decide to join the sector because of this news.   

If we want the adoption for Bitcoin, it's inevitable.
It's an effect that would keep on piling up as time goes on, and the amount may be insignificant now, but when every medium bank would do the same - that would be a bit scary.

[Free Market Capitalist]

I hope this is the beginning, as several of you have said, and that this is the first of many purchases, that they start buying regularly (DCA) because 1 million in a bank that has a market cap $74.21 B is like a drop in an ocean.

[john_egbert]

I hope this is the beginning, as several of you have said, and that this is the first of many purchases, that they start buying regularly (DCA) because 1 million in a bank that has a market cap $74.21 B is like a drop in an ocean.

If they see the results from it, - it will be a pleasant way for them to accumulate more.
I do think that would be the case, and eventually - more institutions like them would come to the same conclusion.

[hugeblack]

$1 million worth of bitcoin is considered a test of bitcoin more than a purchase and since the data is leaked and not disclosed it is difficult to know whether it is for investment purposes and will be followed by other investments or just for testing.

I did a little digging and according to Reuters the purchase was requested by clients and the limits of investment in bitcoin will be very tight.

"We tested how to handle any potential requests from clients, but there will anyway be very tight limits and clients will need to prove they understand potential risks," he said.

[bitLeap]

We very much welcome the bank's action, but $1 million for the status of the largest bank in Italy is still considered small and we hope this is just the first step for a larger purchase in the future. What is certain is that this action can be an example for the branches spread out there. Regardless of the reason behind this purchase being just a trial, we need to pay attention to what happens afterward.

[betswift]

$1 million worth of bitcoin is considered a test of bitcoin more than a purchase and since the data is leaked and not disclosed it is difficult to know whether it is for investment purposes and will be followed by other investments or just for testing.

I did a little digging and according to Reuters the purchase was requested by clients and the limits of investment in bitcoin will be very tight.

"We tested how to handle any potential requests from clients, but there will anyway be very tight limits and clients will need to prove they understand potential risks," he said.

Sounds about right considering what entity we are talking about.
They have reliable methods, and Bitcoin is just another one on top of that - they would like to see it all work and click for themselves before going with bigger funds into it. Understandable, imo.

[DeathAngel]

Great news & really good to see. The amount purchased is not significant but a reputable financial product supplier buying Bitcoin is significant. We will see more & more of this as time passes. Bitcoin is already engrained in mainstream finance now due to Spot Bitcoin ETFs in the US. Adoption will ramp up this year & in the future.

[lovesmayfamilis]

Banks that are starting to turn towards Bitcoin are an indicator of literacy in the latest technologies. Those who see the prospects of Bitcoin manage to buy it at a price that will certainly bring them additional profit. The more banks "wake up" to buy, the higher the price we will see since it is obvious that this will turn into a competition of who has what and how much in stock.

[apogio]

Great news! I really like seeing European countries entering into Bitcoin. Banks don't have to go all-in. They can just allocate a small amount and see if it plays out. Eventually, they will buy more and more. It's only natural that organisations and funds will choose to buy a piece of the cake.

[serjent05]

As for the Ming Shing Group, it’s a bit unusual for them to buy Bitcoin since they’re not in the financial sector. If I’m not mistaken, their focus is on engineering. But when it comes to the banking industry, that’s definitely good news if they adopt it. It makes sense since it’s all connected, kind of like merging centralized systems with decentralized ones. 

Ming Shing Group is in for the profit.  Since they believed that Bitcoin has high liquidity, they wanted to take advantage of the bull run and possible price peak this year.  Maybe they are convinced that Bitcoin will at least cross $150k this year so a 50% profit isn't bad for a year's investment.  Besides they ought to believe that they can liquidate Bitcoin anytime they stumble with financial problems.  Although they are not in financial sector, it does not limit their funds to invest in Bitcoin.

It is really surprising how the Bitcoin movement started by Trump has influenced the global financial and political sector.   We might see other banks follow in investing and holding Bitcoin.  If this continues, we might see Bitcoin crossing $200k this year.  It is that, with bank involvement, regulation, and centralization on Bitcoin-integrated apps would probably also ramp up.

[bitterguy28]

https://www.ccn.com/news/crypto/italy-largest-bank-intesa-sanpaolo-bullish-bitcoin/

Key Takeaways

Intesa Sanpaolo’s First Bitcoin Purchase
On Jan. 13, a leaked internal email from Niccolò Bardoscia, the Head of Digital Assets Trading & Investments, revealed that the bank had executed its inaugural Bitcoin trade, purchasing 11 BTC for $1 million.

really interesting that the email was leaked

were they keeping it a secret or were they planning on announcing it officially at a later date? because if they were to keep it a secret then who knows how much other banks or corporations there are that have bought bitcoin without knowing anyone know due to reasons of maybe fear of their image or simply not wanting to show alliance to bitcoin but wants to reap the rewards it will offer

[stadus]

As for the Ming Shing Group, it’s a bit unusual for them to buy Bitcoin since they’re not in the financial sector. If I’m not mistaken, their focus is on engineering. But when it comes to the banking industry, that’s definitely good news if they adopt it. It makes sense since it’s all connected, kind of like merging centralized systems with decentralized ones.  

Ming Shing Group is in for the profit.  Since they believed that Bitcoin has high liquidity, they wanted to take advantage of the bull run and possible price peak this year.  Maybe they are convinced that Bitcoin will at least cross $150k this year so a 50% profit isn't bad for a year's investment.  Besides they ought to believe that they can liquidate Bitcoin anytime they stumble with financial problems.  Although they are not in financial sector, it does not limit their funds to invest in Bitcoin.

It is really surprising how the Bitcoin movement started by Trump has influenced the global financial and political sector.   We might see other banks follow in investing and holding Bitcoin.  If this continues, we might see Bitcoin crossing $200k this year.  It is that, with bank involvement, regulation, and centralization on Bitcoin-integrated apps would probably also ramp up.

It’s true, because no company would invest in Bitcoin without aiming for profit. The idea of Bitcoin reaching $150k seems realistic, especially now that it’s heading back toward $100k again. But what I really appreciate on their statement is they saw the high liquidity of bitcoin, and even if profits aren’t guaranteed, liquidity is always there, regardless of market conditions.