Intesa Sanpaolo, Italy’s largest financial institution by complete belongings, has made its first transfer into the cryptocurrency market by buying $1 million price of Bitcoin.
Based on Reuters, the transaction for 11 BTC was accomplished on Monday, January 13.
CEO Carlo Messina described the acquisition as “a test.” He defined that whereas the financial institution doesn’t goal to develop into “a Bitcoin player,” it acknowledges the necessity to perceive the market.
Messina famous, “The bank has very sophisticated clients that may ask for this kind of investment, and you can’t serve them unless you have a presence in the market.”
This transfer follows the financial institution’s steps in 2023 to ascertain a proprietary buying and selling desk for digital belongings. By 2024, Intesa Sanpaolo had begun dealing with spot cryptocurrency trades.
Bitcoin’s value has been drawing vital consideration from buyers in current weeks. Final month, it reached a brand new all-time excessive, surpassing $100,000 for the primary time.
This milestone adopted almost two weeks of buying and selling slightly below $98,000, hinting at a possible plateau earlier than the market gained additional momentum.
Because the U.S. elections, Bitcoin’s worth has climbed by greater than 36%, rising from round $75,600.
Analysts predict the cryptocurrency will proceed to interrupt information. Deepwater Asset Administration’s managing companion Gene Munster just lately said that favorable market and regulatory circumstances may drive Bitcoin to even higher heights in 2025, regardless of attainable pullbacks.
