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

[Nwada001]

This is good news, and more is coming. Since the approval of the bitcoin ETF, it was already open that more big investors will come into the industry. Then Trump re-proposed strategies to reserve it; it was pretty clear that more governmental bodies will get involved. 
 
But I'm the only one thinking about the aftereffect of all this? For sure it will bring more adoption and price increase, but when these bodies hold a large amount of bitcoin, it will be easier for the price to be manipulated and the market controlled, which is another way of controlling bitcoin price by the government since they can't control it; they can't gain the total control they have been longing for since its invention and popularity.

[Natalim]

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

If these big and popular banks take risk with bitcoin, then there's always possible chances that small banks will follow the same path. Bitcoin is never a threat for banks, in fact it could be their edge towards high progress for their own business. Its just that the government is making a bad image for bitcoin, when in reality bitcoin could be the best key to make a single country establish its financial and economic stability over other countries who are still hesitant to accept bitcoin.

[AmoreJaz]

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.

Just like any other investment, definitely they do want test the waters. After all what they are after is the profitability of their investments. Such amount is not really that big when you talk about bank's allotment to certain investments. $1M is quite small as compared to their other allocations in investments. However, that's already a good start as they will see how it can earn profit and bring something to their vaults. Once they got good money out of this, they will surely continue patronizing this market and who knows, they will not only invest in btc but other strong alts in the market.

[Distinctin]

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.

Just like any other investment, definitely they do want test the waters. After all what they are after is the profitability

But they’re a bank, and being the largest means they’re already highly skilled in the financial industry. Starting with $1 million isn’t bad, but they can’t afford to be too aggressive with their buying decisions. Their actions aren’t solely based on their own choices  but they also need to ensure compliance with central bank standards. If they don’t, they risk penalties. Still, it’s great to see this move, and the best way to make it more appealing to others is if the government shows its support.

Also, this looks like good news. (I just found out how high taxes are in Italy, but it’s good to hear they’re planning to scale them back.)

https://www.reuters.com/world/europe/italian-lawmakers-urge-government-scale-back-crypto-web-tax-plans-2024-11-19/

ROME, Nov 19 (Reuters) - Italian ruling-coalition lawmakers are urging the government to scale back plans to increase taxes on cryptocurrency capital gains and expand the number of firms forced to pay a digital tax, a parliamentary document showed on Tuesday.
Both proposals are part of more than 300 "priority amendments" that the ruling parties have submitted to change Prime Minister Giorgia Meloni's budget for next year, testing her ability to keep lawmaker requests at bay.
Economy Minister Giancarlo Giorgetti intends to hike taxation on capital gains from cryptocurrency such as bitcoin to 42% from 26%.
But his party colleague Giulio Centemero, backed by other lawmakers, opposes the move and has submitted an amendment to scale back the tax increase to 28%, rather than 42%.
To overcome the party spat, Giorgetti this month said he was ready to review the measure by considering different forms of taxation.

[rodskee]

But I'm the only one thinking about the aftereffect of all this? For sure it will bring more adoption and price increase,

is it not good news for us already holding bitcoin that the price keeps increasing? it is definitely bad news for those only buying now but if you already own bitcoin then you should look at this massive adoption as a win since not only did you bitcoin at a low price you will also be making significant profits

but when these bodies hold a large amount of bitcoin, it will be easier for the price to be manipulated and the market controlled, which is another way of controlling bitcoin price by the government since they can't control it; they can't gain the total control they have been longing for since its invention and popularity.

there have always been whales some of them have been considerate enough to separate their transactions as to not move the market too much but in the case that they do i am not too worried because i believe the market will not crash massively there are still many individuals that own bitcoin and if you just stand your ground and not get immediate fud from whales moving their coins then you will be fine

[Smack That Ace]

 
But I'm the only one thinking about the aftereffect of all this? For sure it will bring more adoption and price increase, but when these bodies hold a large amount of bitcoin, it will be easier for the price to be manipulated and the market controlled, which is another way of controlling bitcoin price by the government since they can't control it; they can't gain the total control they have been longing for since its invention and popularity.

But your worries are unnecessary because whether we like it or not, there is no way to stop governments, banks, and large organizations from buying bitcoins if they want to. Manipulation has become part of the financial game, any financial market will have some degree of manipulation. Bitcoin has been manipulated for a long time by whales, market makers but when the government intervenes, the manipulation will be done by the government, nothing much different.

We always wanted bitcoin to be popular globally and the price we paid was government control and management because this world is theirs.

[tabas]

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!

That is because they are in the money business and they know where money is going and where it is flowing. And so, with this bank testing the waters as per requests by clients, they have nowhere to go but to test it out or so the deposits of their customers will be going elsewhere. Also, this is a sign for the holders out there. Look at how much these institutions are willing to buy Bitcoin at during the bull run and there will be more of them, yes, this is just the beginning of it and there will be more of them to come. This is the revolution in the investing sector that there's no way to stop it even them.

[Iranus]

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!

In my opinion, the reason they criticize and are indifferent to bitcoin is because it is too new an asset and they need time to monitor and evaluate. They don't hate it just because of its decentralized nature or because it's associated with  money laundering...Banks or large corporations like Microsoft, Apple, Meta...need to ensure safety before thinking about profits because that will affect the interests of the entire organization. Therefore, they will have stricter and more stringent criteria for evaluating assets and investments than we do. That is why as soon as bitcoin ETFs were approved, there was a wave of traditional investors starting to invest in bitcoin.

It can be said that their stance has changed because of the government's legal framework. Without ETFs and government regulation of bitcoin, I don't think we would have seen this. Things are just getting started, we will see more banks and institutions investing in bitcoin.

[john_egbert]

 
But I'm the only one thinking about the aftereffect of all this? For sure it will bring more adoption and price increase, but when these bodies hold a large amount of bitcoin, it will be easier for the price to be manipulated and the market controlled, which is another way of controlling bitcoin price by the government since they can't control it; they can't gain the total control they have been longing for since its invention and popularity.

But your worries are unnecessary because whether we like it or not, there is no way to stop governments, banks, and large organizations from buying bitcoins if they want to. Manipulation has become part of the financial game, any financial market will have some degree of manipulation. Bitcoin has been manipulated for a long time by whales, market makers but when the government intervenes, the manipulation will be done by the government, nothing much different.

We always wanted bitcoin to be popular globally and the price we paid was government control and management because this world is theirs.

Further adoption means some compromises with the bigger entities because they are the ones that would either let the Bitcoin be used by the people or make their lives harder via regulations or other measures.

[asriloni]

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

Intesa said that purchases were a test. I guess there won't be an official announcement regarding their bitcoin purchase. They won't do it until they will officially confirm allocate some money to buy bitcoin.

Honestly, 1 millions investment is so small for Intesa's calibre. A small step for them, but a big one for crypto. At very least this 13th largest bank in EU started to have intention in bitcoin.They're not abandoning bitcoin anymore.

[Maslate]

Intesa said that purchases were a test. I guess there won't be an official announcement regarding their bitcoin purchase. They won't do it until they will officially confirm allocate some money to buy bitcoin.

Honestly, 1 millions investment is so small for Intesa's calibre. A small step for them, but a big one for crypto. At very least this 13th largest bank in EU started to have intention in bitcoin.They're not abandoning bitcoin anymore.

The test feels more like a green light already since everyone’s jumping on the Bitcoin craze. Nobody wants to be left behind in this trend. Banks especially need to offer more options to attract clients. With Bitcoin’s market growing so much, any bank that isn’t open to crypto risks becoming obsolete in the future.

[EarnOnVictor]

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!

You can't blame banks for being afraid at that time because Bitcoin was still new then and it is a decentralised system that has been linked to many illegality due to its nature. They are wise to be sceptical about a thing like that, and even be more afraid regarding their regulations. But as time went on where many big figures, brokers, financial firms and even the government have backed it, while some of them own a share of it, it is a relief to banks. So expect more purchases from them over time.

[fikrett]

The test feels more like a green light already since everyone’s jumping on the Bitcoin craze. Nobody wants to be left behind in this trend. Banks especially need to offer more options to attract clients. With Bitcoin’s market growing so much, any bank that isn’t open to crypto risks becoming obsolete in the future.

I wouldn't think so.
They would still be good to go, the traditional way, it's just the fact they wouldn't be in trend, so to speak, to this new big thing - Bitcoin.

[Maslate]

The test feels more like a green light already since everyone’s jumping on the Bitcoin craze. Nobody wants to be left behind in this trend. Banks especially need to offer more options to attract clients. With Bitcoin’s market growing so much, any bank that isn’t open to crypto risks becoming obsolete in the future.

I wouldn't think so.
They would still be good to go, the traditional way, it's just the fact they wouldn't be in trend, so to speak, to this new big thing - Bitcoin.

Bitcoin isn’t really a threat to traditional banking, and in fact it could even add value if banks decide to accept it in the future, so there shouldn’t be any problem as long as central banks have proper policies and regulations in place to ensure basic standards, like anti-money laundering laws, are strictly followed. With the growing interest in Bitcoin, it’s likely that banks will eventually adopt it because they tend to follow where the money flows.