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The recent Bitcoin 
$103,711 purchase by Intesa Sanpaolo, Italy’s largest bank, has significantly heightened interest in cryptocurrencies across the country. Following this move, Italian parliament member Marcello Coppo is encouraging banking foundations to consider Bitcoin as a strategic asset.
Banking Foundations Positioned for Bitcoin Investments
Marcello Coppo highlighted that due to their non-profit structures, community focus, and conservative financial management, banking foundations could lead the way in Bitcoin investments. By allocating a small, low-risk portion of their assets to Bitcoin, these foundations may explore new investment opportunities with high return potential.
With the, albeit timid, entry of Intesa Sanpaolo into the world of Bitcoin, the banking foundations might begin to cautiously consider BTC as a strategic asset.
Marcello Coppo, Italian MP
Bitcoin Mirrors Gold’s Appeal
Coppo believes that Bitcoin shares potential parallels with Italy’s strong gold investment culture. He suggested that, similar to gold, Bitcoin could be perceived as a safe haven investment in Italy.
For the vast majority of Italians today, gold is known as a safe haven and our gold reserves are just the consequence of that belief. Knowing Bitcoin, it could be assumed that a similar situation could occur or at least with that trend.
Marcello Coppo, Italian MP
The Importance of Education
However, Coppo does not yet support the establishment of a Bitcoin Reserve, noting that such a project would require long-term planning and extensive education to overcome existing biases. He expressed that Bitcoin is not yet sufficiently understood due to a lack of education.
He added that banking foundations could play a vital role in teaching and influencing other financial institutions about the benefits of incorporating cryptocurrencies into traditional investment portfolios. This approach may allow banking foundations to take early steps in Bitcoin investments, potentially accelerating cryptocurrency adoption throughout Italy.
I do not see the conditions for this to happen in a few months. […] Today in Italy, Bitcoin is not yet sufficiently understood, especially among industry operators. […] we need to increase the knowledge about what it is, then everything else will follow.
Marcello Coppo, Italian MP
Italy’s strong interest in gold investments may pave the way for Bitcoin to be accepted as a similar store of value. Banks and financial institutions can enhance the country’s potential in the digital economy by considering Bitcoin investments. Widespread adoption of Bitcoin could enable Italy to play a more active role in the cryptocurrency ecosystem.
