Italy’s largest bank Intesa Sanpaolo launched Bitcoin for the first time $107,955.4 Its acquisition increased interest in cryptocurrencies across the country. Following this step, Marcello Coppo from the Italian parliament encourages banking foundations to consider Bitcoin as a strategic asset.
Bank Foundations Are in a Good Position in Bitcoin Investments
Marcello Coppo stated that bank foundations can be pioneers in Bitcoin investments due to their non-profit structure, community focus and conservative financial management. It may be possible for these foundations to explore new investment opportunities with high return potential by allocating a small and low-risk portion of their assets to Bitcoin.
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 Member of Parliament
Bitcoin is Similar to Gold
Coppo stated that Bitcoin has potential parallels with Italy’s strong gold investment culture. He stated that since gold is seen as a safe haven in Italy, he thinks a similar perception may arise for Bitcoin.
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 Member of Parliament
The Importance of Education is Emphasized
However, Coppo does not yet support the establishment of a Bitcoin Reserve. He stated that this will be a long-term project and comprehensive training is needed to overcome existing prejudices. He stated that Bitcoin is not yet sufficiently understood due to lack of education.
Coppo added that bank foundations have the potential to teach and influence other financial institutions about the benefits of incorporating cryptocurrencies into traditional investment portfolios.
This approach could accelerate cryptocurrency adoption across Italy by enabling banking foundations to step in early in Bitcoin investments.
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 Member of Parliament
Italy’s high interest in gold investments may pave the way for Bitcoin to be adopted as a similar store of value.
Banks and financial institutions can increase the country’s potential in the digital economy by evaluating Bitcoin investments.
The spread of Bitcoin investments may enable Italy to take a more active role in the cryptocurrency ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
