On January 13th, Italy’s leading bank, Intesa Sanpaolo, broke new ground by investing in Bitcoin, buying approximately 11 Bitcoins for around 1 million euros or $1.02 million.
The investment comes just over a month after Bitcoin (BTC) surpassed the $100,000 mark in December.
Information has surfaced through an internal email leak from Niccolò Bardoscia, who heads digital assets trading at Intesa Sanpaolo. In the email, Bardoscia announced that as of January 13, 2025, Intesa Sanpaolo now holds 11 Bitcoins. He expressed gratitude to his team for their collective efforts, stating that this achievement would not have been possible without each and every one of them.
Although CryptoMoon hasn’t received a reply from Intesa Sanpaolo regarding their inquiry, the bank did confirm the purchase of Bitcoin to the media outlet Wired.
During a time when institutional curiosity towards Bitcoin is increasing significantly, an Italian bank makes its investment. This surge in interest led to a significant decrease in Bitcoin exchange reserves, which reached nearly a seven-year low on January 13, as cryptocurrency hedge funds seized the opportunity to buy at lower prices.
Institutions are buying the Bitcoin dip
Since January 7th, the value of Bitcoin has consistently stayed under the significant threshold of $100,000, according to the data provided by CryptoMoon Markets Pro.
Investment groups have seen this situation as a chance to acquire Bitcoin at a reduced price. MicroStrategy purchased approximately $243 million worth of BTC for an average cost of about $95,972, increasing its corporate holdings to more than 450,000 BTC, according to CryptoMoon’s report on Jan. 13.
Crypto investment funds have been purchasing when prices drop, causing the level of Bitcoin held in exchange wallets to reach a nearly seven-year low on January 13th. This situation supports the belief that there will be a “shortage in supply,” which happens when high demand for BTC intersects with decreasing amounts of it, resulting in further price increases.
As a crypto investor, I’m keeping a close eye on Bitcoin (BTC) as some analysts predict an end to its current correction. However, it’s crucial to note that according to Bybit researchers, BTC remains exposed to broader economic factors, particularly without any positive regulatory breakthroughs. In essence, I’m staying cautious and vigilant about potential market shifts.
“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.”
Regardless of broader economic worries, certain experts anticipate that Bitcoin’s peak value could surpass $150,000 towards the end of 2025, primarily due to a projected expansion of $20 trillion in global money supply. This growth might draw approximately $2 trillion in investment into Bitcoin.
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2025-01-14 16:59