Italy’s largest bank has reportedly made its first proprietary Bitcoin (BTC) transaction, as analysts expect the value of the key crypto asset to more than double this year.
Reuters reports that an internal memo shows that Intesa Sanpaolo purchased 11 BTC worth more than $1 million on Monday.
CEO Carlo Messina says the bank carried out the small transaction as a test to prepare for customers interested in the emerging asset.
“As an asset manager that aspires to be like (Swiss rival) UBS, we have very sophisticated clients asking for these types of investments and you cannot serve them unless you are present (in the market). ”
Intesa Sanpaolo is currently the 36th largest bank in the world with total assets of $1.06674 trillion at the end of 2023. Messina says the purchase does not mean the bank will become a Bitcoin player as it has “very limited” space to invest in cryptocurrencies to invest. assets.
“We have been testing how to deal with potential customer requests, but there will be very strict limits anyway and customers will have to prove they understand the potential risks.”
Analysts say the King Coin will reach $200,000 this year, amid expectations of a more favorable regulatory environment under Donald Trump’s administration.
BTC is trading at $99,895 at the time of writing.
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