Italy’s largest bank, Intesa Sanpaolo, became the first Italian bank to make a Bitcoin investment, purchasing 11 BTC for about 1 million euros ($1.02 million) on Jan. 13.
The investment comes just over a month after Bitcoin (BTC) surpassed the $100,000 mark in December.
The news emerged from a leaked internal email by Niccolò Bardoscia, head of digital assets trading at Intesa Sanpaolo. In the email, Bardoscia wrote, “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.”
Leaked internal screenshot from Niccolò Bardoscia. Source: 4chan
While Intesa Sanpaolo has not responded to Cointelegraph’s request for comment, the bank confirmed the Bitcoin acquisition with the media outlet Wired.
The Italian bank’s investment comes during a period of increasing institutional interest in BTC, which saw Bitcoin exchange reserves sink to a near seven-year low on Jan. 13 as crypto hedge funds bought the dip, reinforcing expectations of a “supply shock,” which occurs when strong buyer demand meets a decreasing amount of BTC, leading to price appreciation.
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Institutions are buying the Bitcoin dip
Bitcoin’s price has been trading below the $100,000 psychological mark since Jan. 7, Cointelegraph Markets Pro data shows.
BTC/USD, 1-month chart. Source: Cointelegraph
Institutional investors have also viewed this as an opportunity to buy the dip. MicroStrategy bought over $243 million worth of BTC at an average price of $95,972, boosting its corporate holdings beyond 450,000 BTC, Cointelegraph reported on Jan. 13.
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While some analysts foresee an end to the current Bitcoin correction, BTC remains “vulnerable to macro drivers” in the absence of positive regulatory developments, Bybit researchers told Cointelegraph:
“Bitcoin and crypto have reverted to being reactive to macroeconomic news at the end of 2024 and beginning of 2025, particularly the slower pace of rate cuts anticipated by the Fed in the new year.”
Despite macroeconomic concerns, some analysts expect a Bitcoin cycle high above $150,000 in late 2025, driven by a predicted $20 trillion increase in the global money supply, which may attract $2 trillion of investment into BTC.
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