The Central Bank of Italy has unexpectedly published a report warning of the risk of the global financial system being 'eroded' by cryptocurrencies – amid Mr. Trump's gradual 'embrace' of crypto.


Compounding concerns: Crypto – Trump – System tensions


In the latest Financial Stability Report, the Bank of Italy (Banca d'Italia) not only warns of the classic scenario: 'crypto too volatile, threatening the financial system'... but also calls out President Trump specifically:



  • Bitcoin price skyrockets after Trump's election: His return to the White House triggers a strong increase in numerous digital assets.



  • The 'friendly' relationship between the White House and crypto: The U.S. government drops numerous lawsuits and hosts crypto events at the White House.




Italian banks believe the growing link between Wall Street, crypto, and the U.S. government is the 'time bomb'.


What is Italy concerned about?



  1. Crypto deeply infiltrates traditional finance: Bitcoin ETF funds, stablecoins sold on Wall Street, companies (like MicroStrategy) using Bitcoin to pump stock prices.



  2. Conflict of interest and governance gaps: Most transactions are concentrated in a few American companies (like Coinbase, Tether), outside the EU regulatory framework.



  3. Dollar stablecoins 'quietly dominate': Italy fears USD-linked stablecoins may undermine EU monetary sovereignty.





"If digital assets continue to integrate into the system, we are letting a Trojan horse in," the report states.



One country – Two trends


Interestingly, while the central bank warns, Italy's largest bank, Intesa Sanpaolo, is quietly 'holding' Bitcoin:



  • Early 2024: #Intesa buys 11 BTC (~1 million USD).



  • July 2024: Issuance of bonds on the blockchain.



  • November 2024: Launch of a crypto trading desk for institutional clients.




This is a classic example of the internal conflict between the traditional banking sector and the forces of innovation.



Market contact: What do Binance users need to pay attention to?


First, don't pay attention to the 'old scare tactics' like crypto threatening the system. Interestingly, even amid concerns, the central bank also 'acknowledges':


  • Bitcoin reaches 60% of total market capitalization, hitting $2.75 trillion.



  • "Wealth" is gradually shifting away from the EU: EU investors are buying dollar stablecoins instead of euros.




More importantly, all accusations point to the U.S. – where Mr. Trump and Bitcoin are 'holding hands'.



Even Italian MPs are proposing 'allocating Bitcoin into the national fund'.



Users should prepare for a scenario where crypto becomes increasingly 'politicized' in both the U.S. and the EU, viewing this as:



  • The wave of risk (the market is often 'scared' by FUD news)



  • Accumulation opportunities as EU funds silently 'hold stocks'.




Conclusion


Even though Mr. Trump brings crypto back to the political arena, Bitcoin's 'soft power' still worries EU bankers. For Binance users, this is both a reminder not to 'fomo' according to rumor waves, but also a stepping stone for a future where more banks hold BTC.



Warning: The crypto market is highly volatile, especially when influenced by political news. Investment needs to be accompanied by strict risk management.

#anhbacong