Spanish bank BBVA has begun actively advising its affluent clients to invest in cryptocurrencies, particularly Bitcoin and Ethereum. This decision could have a significant impact on the market.
BBVA Recommendations
BBVA, one of Spain's largest banks, recommends its wealthy clients to allocate between 3% to 7% of their investment portfolios towards cryptocurrencies such as Bitcoin and Ethereum, depending on their risk tolerance.
Importance of This Step
This move could be a watershed moment for the cryptocurrency market, as BBVA is one of the first major banking institutions to openly encourage investments in cryptocurrency.
Context of Crypto Investments in Europe
It is worth noting that approximately 95% of banks in the European Union are yet to engage with cryptocurrencies. BBVA, with around $700 billion in assets and 80 million customers worldwide, may significantly impact this scenario.
BBVA's recommendations could change how wealthy clients perceive cryptocurrencies and promote their broader acceptance in the financial world.
