Italy’s largest bank, Intesa Sanpaolo, has made its first foray into the cryptocurrency market by purchasing 11 Bitcoin (BTC) worth €1 million ($1.02 million) on January 13. This move makes it the first Italian bank to directly invest in Bitcoin, highlighting the increasing institutional interest in cryptocurrencies.
The investment came shortly after Bitcoin surpassed the $100,000 milestone in December, reflecting the growing appeal of the digital asset among major financial institutions.
Internal Confirmation of Bitcoin Acquisition
The news of Intesa Sanpaolo’s Bitcoin purchase was leaked through an internal email from Niccolò Bardoscia, the bank’s head of digital assets trading. In the email, Bardoscia 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.”
While the bank has not officially commented on the development, it confirmed the acquisition to media outlet Wired, signaling its seriousness about entering the cryptocurrency market.
Institutional Buying Trends and Market Impact
Intesa Sanpaolo’s move aligns with a broader wave of institutional interest in Bitcoin. On January 13, Bitcoin exchange reserves dropped to their lowest level in seven years as hedge funds and institutional buyers capitalized on market dips. This activity has sparked predictions of a supply shock, a situation where rising demand meets decreasing Bitcoin availability, potentially pushing prices higher.
MicroStrategy, another major institutional player, recently purchased $243 million worth of Bitcoin at an average price of $95,972, increasing its total holdings to over 450,000 BTC. Such large-scale investments underscore the confidence institutions have in Bitcoin’s long-term potential.
Bitcoin’s Price Outlook and Macroeconomic Influences
Despite its recent corrections, Bitcoin’s future price trajectory remains optimistic. Analysts project a potential price peak of over $150,000 by late 2025, driven by an anticipated $20 trillion increase in the global money supply. If this materializes, it could lead to $2 trillion in investments flowing into Bitcoin.
However, Bitcoin’s price remains influenced by macroeconomic factors, including monetary policy decisions. Analysts noted that the cryptocurrency has become reactive to global economic news, particularly the slower pace of interest rate cuts expected from the Federal Reserve in 2025.
