- Italian lawmaker Marcello Coppo urges banking foundations to invest in Bitcoin, suggesting small allocations from their income
- Italy’s largest bank, Intesa Sanpaolo, recently purchased 11 Bitcoins worth approximately $1 million
- Bitcoin currently trading at $104,000 as of January 2025
- While US is making progress toward Bitcoin reserves, Italy is unlikely to establish strategic reserves in the near term
- Banking foundations could help reduce “excessive distrust” of Bitcoin in Italy through example investments
Intesa Sanpaolo, the country’s largest banking group, has purchased 11 Bitcoins worth approximately 1 million euros ($1 million). This investment, confirmed by the bank’s press office, represents the first direct Bitcoin purchase by an Italian bank.
The news emerged after an internal email from Niccolò Bardoscia, head of the bank’s Trading and Investment division for Digital Assets, was leaked on the online forum 4chan. The bank later verified the authenticity of this information, confirming their entry into the cryptocurrency market.
This development comes as Bitcoin’s price reaches $109,000, reflecting a strong surge in the crypto market. The timing of Intesa Sanpaolo’s investment aligns with this upward trend, showing growing institutional interest in digital assets.
Italian parliament member Marcello Coppo has seized this momentum to propose a broader adoption strategy. In an interview with trade publication Criptovaluta, Coppo suggested that Italian banking foundations should consider allocating small portions of their income to Bitcoin investments.
Banking foundations in Italy serve a unique purpose, operating as organizations that use their funds to support social, cultural, and philanthropic activities. Coppo argues that these foundations could invest in Bitcoin without risking their existing capital, potentially securing additional funds for community projects.
The lawmaker emphasizes a cautious approach, recommending that foundations start with minimal risk levels. He believes successful test cases could serve as examples for other institutions, particularly the banks these foundations control.
Coppo acknowledges the challenges facing such proposals, particularly in Italy’s conservative banking environment. He points out that foundation presidents might hesitate to commit to Bitcoin investments due to its volatility and the potential impact on their positions if market timing aligns poorly with leadership renewal cycles.
The proposal extends beyond banking foundations to other financial sectors. Coppo suggests that pension funds and insurance companies, which typically focus on long-term investments, might be natural fits for Bitcoin investment strategies.
Private pension plans and insurance products could potentially include Bitcoin as part of their diversification strategies, according to Coppo. However, he notes that this would require increased familiarity with digital assets among financial professionals.
The lawmaker also addressed employee severance funds (TFR), suggesting they could consider small Bitcoin allocations as part of their investment strategies. This would represent another avenue for institutional adoption of cryptocurrency in Italy.
While several public pension funds in the United States have already allocated funds to Bitcoin, Coppo believes similar moves in Italy would require more time and education. He emphasizes that Italy’s strong relationship with the US, while important, isn’t likely to accelerate Bitcoin adoption directly.
Regarding national Bitcoin reserves, Coppo maintains a practical outlook. Despite Italy’s position as the world’s third-largest holder of gold reserves, he doesn’t anticipate the country establishing strategic Bitcoin reserves in the immediate future.
The lawmaker stresses the importance of building knowledge and understanding before pursuing wider adoption. He warns against rushing into investments, noting that forced or hasty adoption could lead to panic selling during periods of volatility.
Current Bitcoin awareness in Italy remains limited, particularly among financial sector professionals. Coppo suggests that increasing understanding of Bitcoin’s fundamentals must precede any major institutional adoption.
As Bitcoin continues to gain mainstream acceptance globally, Italy’s cautious approach reflects the traditional nature of its banking sector. The Intesa Sanpaolo investment, however, may mark the beginning of a gradual shift in institutional attitudes toward digital assets in the country.