Intesa Sanpaolo, Italy’s biggest bank, has made headlines as the first in the country to invest in Bitcoin, spending over €1 million on the cryptocurrency. The investment, made on January 13, came to light through an internal email leaked to Wired Italia. The email, sent by Niccolò Bardoscia, the bank’s head of digital asset trading, stated:
“As of today 13/01/2025, Intesa Sanpaolo owns 11 Bitcoins. Thanks to everyone for the teamwork, this result would not have been possible without each of you.”
At the time of purchase, Bitcoin’s value fluctuated between €88,496 and €93,130, putting the bank’s investment at roughly €1 million. While Intesa Sanpaolo confirmed the acquisition to Wired, it refrained from divulging additional details.
This move marks a significant shift in Italy’s banking sector, as Intesa Sanpaolo becomes the first institution in the country to back Bitcoin. However, the decision contrasts sharply with warnings from Italy’s central bank governor, Fabio Panetta. Panetta has consistently cautioned against cryptocurrencies like Bitcoin and Ethereum, highlighting their lack of intrinsic value and inability to generate revenue through mechanisms like dividends or interest. Speaking at a Banking Association meeting in July 2024, Panetta stated:
“Unsecured crypto assets, such as Bitcoin and Ethereum, are usually not issued by any operator, lack intrinsic value, and do not generate revenue streams such as coupons or dividends.”
Bitcoin’s value has seen a sharp rise recently, partly fueled by Donald Trump’s victory in the U.S. presidential election. Adding to the buzz, BlackRock CEO Larry Fink has predicted Bitcoin could skyrocket to $700,000, further intensifying global interest in the cryptocurrency market.
Intesa Sanpaolo’s bold move not only reflects changing attitudes within the financial sector but also stirs debate about the role of cryptocurrencies in traditional banking. Whether this bet pays off remains to be seen.
