Summary:
Italian lawmaker urges banking foundations to invest in Bitcoin.
Investments could help change the public perception of Bitcoin in Italy.
Intesa Sanpaolo recently purchased $1 million in Bitcoin.
Current Bitcoin price is around $104,000, showing a market resurgence.
Coppo doubts Italy will create a strategic Bitcoin reserve soon.
An Italian lawmaker, Marcello Coppo, is calling on banking foundations in Italy to consider investing in Bitcoin. He believes that such investments could help bolster support for the leading cryptocurrency within the country. While Coppo sees the potential for these foundations to allocate a small portion of their income to Bitcoin, he does not anticipate that Italy will create a strategic Bitcoin reserve in the near future, especially compared to recent advancements in the United States.
Importance of Banking Foundations
A banking foundation is defined as an organization that functions like a bank, using its funds to support various social, cultural, and philanthropic activities. Coppo argues that if these foundations invest in Bitcoin, it could help change the public perception, which he describes as having been marked by excessive distrust toward the cryptocurrency.
Positive Steps Forward
He stated, "We can start from where the risk is very low, and any positive tests can be used as examples and case studies." Despite his optimism, he remains skeptical about whether such investments will lead the Italian Treasury to adopt Bitcoin anytime soon, noting that while countries like the U.S. are moving forward with strategic reserves, Italy is not yet ready.
Recent Developments in Italy
This call to action from Coppo follows the recent news that Intesa Sanpaolo, Italy's largest banking group, purchased $1 million worth of Bitcoin, marking a significant step for Italian banks in the crypto space. The purchase was made against the backdrop of a crypto market resurgence, with Bitcoin’s price currently at $104,000. This surge in value has sparked discussions about the future of Bitcoin in Italy and beyond, with Coppo noting the transformative potential of such investments for public sentiment towards cryptocurrency.
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