Spain's leading financial institution BBVA has begun advising its high-net-worth clients to allocate a portion of their portfolios to cryptocurrencies, highlighting a growing interest in digital assets.
Cryptocurrencies in Portfolios: BBVA's Recommendations
BBVA, Spain's leading financial institution, has advised its high-net-worth clients to allocate between 3% and 7% of their portfolios to cryptocurrencies. This recommendation was disclosed by Philippe Meyer, head of digital and blockchain solutions at the bank, at the DigiAssets conference in London.
Focus on Bitcoin and Ethereum
Currently, BBVA's crypto advisory services focus exclusively on Bitcoin and Ethereum. The bank hints at potential diversification into other digital assets in the future. For clients with higher risk tolerance, the upper allocation limit is set at 7%. The guidance has been effective since September 2023 but was publicly disclosed only recently.
Outlook and Caution in Investments
While BBVA currently limits its recommendations to Bitcoin and Ethereum, the bank plans to explore other digital assets. Future additions will depend on regulatory clarity and customer demand. Financial advisors stress the importance of caution: despite their potential, crypto assets remain highly volatile and carry unique risks.
BBVA's move underscores the growing significance of risk-managed exposure to cryptocurrencies and their official integration into financial strategies.
