An Italian lawmaker is urging banking foundations in Italy to invest in Bitcoin, arguing that such investments could accelerate support for the leading crypto in the country. 

However, he doesn’t foresee Italy establishing a strategic Bitcoin reserve anytime soon, despite growing momentum in the United States on both a national and state level.

In an interview Friday with trade publication Criptovaluta, Italian parliament member Marcello Coppo said banking foundations should dip their toes into Bitcoin by allocating a small portion of their income to the digital asset to potentially reap significant returns on their investments.

A banking foundation is an organization set up as a bank that uses its funds to support social, cultural, and philanthropic activities. 

The foundations’ investments in Bitcoin could drum up public support for the coin, which has long been the object of “excessive distrust” in Italy, Coppo said. 

“We can start from where the risk is very low, and any positive tests can be used as examples and case studies,” Coppo said Friday. 

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Author: Liz Napolitano