Intesa Sanpaolo's Bitcoin purchase signals new era for Italian banking

The recent purchase of Bitcoin (CRYPTO:BTC) worth $101,455 by Intesa Sanpaolo, Italy’s largest bank, has significantly increased interest in cryptocurrencies throughout the country.  

This move has prompted Italian parliament member Marcello Coppo to advocate for banking foundations to consider Bitcoin as a strategic asset.  

Coppo emphasised that the unique structures of banking foundations, which focus on community and non-profit objectives, position them well to explore Bitcoin investments.  

He suggested that these foundations could allocate a small portion of their assets to Bitcoin, potentially opening up new investment opportunities with high returns.  

With Intesa Sanpaolo's cautious entry into the Bitcoin market, Coppo believes that banking foundations might begin to view BTC as a viable asset class.  

He also drew parallels between Bitcoin and Italy's traditional gold investment culture, suggesting that Bitcoin could become a safe haven investment similar to gold.  

“For the vast majority of Italians today, gold is known as a safe haven... Knowing Bitcoin, it could be assumed that a similar situation could occur,” Coppo stated.  

However, he cautioned against establishing a national Bitcoin reserve at this time, citing the need for long-term planning and education to overcome existing biases about cryptocurrencies.  

Coppo highlighted the importance of increasing knowledge about Bitcoin among financial professionals to facilitate its integration into traditional portfolios.  

He noted that banking foundations could play a critical role in educating other financial institutions about the benefits of incorporating cryptocurrencies.  

“I do not see the conditions for this to happen in a few months... we need to increase the knowledge about what it is, then everything else will follow,” he explained.  

As Italy’s interest in cryptocurrencies grows, the involvement of banking foundations could pave the way for broader acceptance of Bitcoin as a legitimate store of value.  

This shift may enable Italy to take a more active role in the global cryptocurrency ecosystem.

At the time of reporting, the Bitcoin (BTC) price was $102,212.