Italy’s largest bank, Intesa Sanpaolo, has reportedly made its first proprietary Bitcoin (BTC) trade. According to a memo seen by Reuters, the bank purchased 11 BTC worth over $1 million on Monday. CEO Carlo Messina stated that the trade was conducted as a test in preparation for clients who are interested in investing in Bitcoin. Messina added that the bank aims to cater to sophisticated clients and cannot serve them without a presence in the market. However, he clarified that this purchase does not mean that the bank will become heavily involved in Bitcoin, as it has limited room to invest in crypto assets. Messina emphasized that there will be tight limits on Bitcoin investments and clients will need to demonstrate their understanding of the potential risks. Analysts predict that the value of Bitcoin will reach $200,000 this year, driven by expectations of a more favorable regulatory environment under the administration of Donald Trump. At the time of writing, BTC is trading at $99,895.
