On Monday, January 13th, Italy’s largest bank, Intesa Sanpaolo, made its first direct cryptocurrency transaction by purchasing approximately 11 Bitcoin for over a million euros. This marks the first time an Italian financial institution has engaged in such a deal involving digital currencies.
The news leaked following the dissemination of an email by Niccolò Bardoscia, who is responsible for trading and investments in digital assets at Intesa Sanpaolo.
“Da oggi (lunedì), Intesa Sanpaolo possiede 11 Bitcoin. Grazie a tutti per il lavoro di squadra”.
Beyond this point, however, no additional details have been provided about the reasons that led the bank to choose Bitcoin nor about its future strategies in the field of cryptocurrencies.
It’s worth recalling that last November, the bank expanded the mandate of its digital asset desk to include spot trading of cryptocurrencies. Previously, the institution only handled operations involving derivative instruments like options and futures, as well as exchange-traded funds (ETF) linked to cryptocurrencies.
La questione fiscale: dal 42% al 26%
Just a few weeks ago, the government was considering a significant increase in the tax rate on cryptocurrency gains, which was to rise from 26% to 42%. However, this proposal has faced strong opposition in Parliament, where a group of deputies have voiced their dissent, managing to block the initiative.
The solution adopted was to postpone the increase until 2026, with a revised rate of 33%. Given the constant changes in this sector and considering that we are still in Italy, there remains the possibility that it could revert back to 26%, the same rate applied to capital gains from share investments.
This regulatory uncertainty fits into a broader context where cryptocurrencies are no longer seen as just risky investment options for bold investors, but also as opportunities for financial innovation for traditional institutions, as demonstrated by the official entry into the sector by Intesa Sanpaolo.
A move of this level could serve as a significant motivator even for conservative savers, who might start to show more interest in the cryptocurrency market.
Il mercato italiano delle criptovalute: numeri e prospettive
Last year by mid-November, I was part of around 1.35 million Italians who owned cryptocurrencies, with an estimated total value of approximately 2.2 billion euros. This figure underscores the fact that our country’s crypto market is already established but also has immense potential for growth, particularly when boosted by initiatives such as Intesa Sanpaolo’s.
Buying 11 Bitcoins for approximately 1 million euros seems to have happened at a particularly opportune time. At around 11:00, the price of BTC was roughly $92,800, but by evening, its value had already risen to $94,025.
This swift increase underscores the significance of timing in trading operations and hints that the bank may have profited from the rise, although the reasons and future strategies behind this move remain confidential.
This sudden growth emphasizes the importance of timing in trading activities and suggests that the bank could have gained from the surge, though the rationale and future plans for such a transaction are kept secret.
Beyond the more speculative views, Intesa Sanpaolo’s entry into the cryptocurrency market marks a significant shift for the sector in Italy, providing a legitimizing signal that could attract new investors, ranging from technology enthusiasts to traditional savers.
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2025-01-14 13:26