Intesa Sanpaolo, the largest bank in Italy, has entered the Bitcoin market by purchasing 11 BTC for approximately €1 million ($1.02 million) on January 13, 2025. This marks the first Bitcoin investment by an Italian bank, coming shortly after Bitcoin surpassed the $100,000 milestone in December.
The announcement was revealed through a leaked internal email from Niccolò Bardoscia, the head of digital assets trading at Intesa Sanpaolo, who confirmed the acquisition and thanked his team for their contribution. While the bank has not officially commented on the investment, it has acknowledged the purchase through Wired.
This move comes amid rising institutional interest in Bitcoin, as exchange reserves hit a near seven-year low on January 13. Crypto hedge funds are seizing this opportunity to buy the dip, fueling predictions of a “supply shock” where high demand meets a shrinking supply, potentially driving up prices.
Since January 7, Bitcoin’s price has remained below $100,000, and institutional investors, such as MicroStrategy, have capitalized on this dip. MicroStrategy purchased over $243 million in Bitcoin, bringing its total holdings to over 450,000 BTC.
Despite ongoing macroeconomic uncertainties, including the Federal Reserve’s pace of rate cuts, analysts predict that Bitcoin could experience significant growth, with some forecasting a cycle peak above $150,000 by late 2025. This optimism is driven by expectations of a $20 trillion increase in the global money supply and the possibility of $2 trillion in Bitcoin investments.
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