Spain's BBVA has begun advising high-net-worth clients to allocate 3-7% to cryptocurrencies, focusing on Bitcoin as a key tool for portfolio diversification.
BBVA's Position on Cryptocurrencies
BBVA's Switzerland division, led by Philippe Meyer, has recently been actively suggesting clients to consider a small allocation of cryptocurrencies in their investment portfolios. This move marks an important step in the growing popularity of cryptocurrencies within the traditional banking sector.
Positive Client Response
The bank has received positive feedback from clients regarding the new recommendations. "Since September last year, we started advising on Bitcoin. If you look at a balanced portfolio, if you introduce 3%, you already boost the performance. At 3%, you are not taking a huge risk," Meyer stated.
Progressive Swiss Legislation
Switzerland is known for its openness to financial innovations, allowing banks like BBVA to implement cryptocurrency solutions in asset management. The country's regulations support an active toolkit for cryptocurrencies and their integration into traditional financial practices.
BBVA's strategy to allocate cryptocurrency shares in high-net-worth clients' portfolios demonstrates an understanding of current investment trends and helps legitimize cryptocurrencies in the traditional finance sector.
