Italy’s largest bank, Intesa Sanpaolo, has reportedly made its first proprietary trade in Bitcoin (BTC), as analysts predict that the value of the leading cryptocurrency will more than double this year.

According to Reuters, an internal memo reveals that Intesa Sanpaolo purchased 11 BTC, worth over $1 million, on Monday. CEO Carlo Messina stated that the bank conducted this small trade as a test in anticipation of clients showing interest in this emerging asset.

Messina explained, “As a wealth management company with the ambition to become like UBS, we have sophisticated clients who may request this type of investment. However, we cannot serve them unless we have a presence in the market.”

At the end of 2023, Intesa Sanpaolo held total assets worth $1.06674 trillion, making it the 36th largest bank globally. Messina clarified that this purchase does not mean the bank will become a major Bitcoin player, as its ability to invest in crypto assets is “very limited.”

“We tested how to handle potential client requests, but there will be strict limits, and clients will need to demonstrate their understanding of the potential risks,” Messina added.

Analysts predict that the price of Bitcoin will reach $200,000 this year, with expectations of a more favorable regulatory environment under the administration of Donald Trump. As of now, BTC is trading at $99,895.

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Generated Image: Midjourney.