BBVA has begun to actively advise its clients on cryptocurrency investments, highlighting Bitcoin as a key asset for investment.
Client Recommendations
BBVA, Spain's second-largest bank, has advised its wealthy clients to allocate between 3% and 7% of their investment portfolios to cryptocurrencies, particularly Bitcoin, depending on their risk tolerance.
Expansion of Bank Services
According to Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, the bank has been advising private clients on Bitcoin investments since September 2024. Meyer noted that even a 3% allocation to crypto assets can enhance portfolio performance without exposing investors to excessive risk.
Cryptocurrency Market in Europe
BBVA's move stands out amid a cautious regulatory environment in the European Union, where most banks avoid engaging in cryptocurrency activities. According to the European Securities and Markets Authority, approximately 95% of EU banks do not engage in cryptocurrencies.
BBVA's advice highlights the growing interest in cryptocurrencies among traditional financial institutions in Spain, which could lead to changes in the market.
