Spain's second-largest bank, BBVA, advises its affluent clients to allocate a portion of their investment portfolio to cryptocurrencies, particularly Bitcoin.
BBVA's Investment Recommendations in Crypto
BBVA recommends wealthy clients invest between 3% to 7% of their portfolios in cryptocurrencies, including Bitcoin, based on their desired risk level. 'Since September last year, we started advising private clients on Bitcoin,' said Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland. He added that clients have been receptive to the bank's advice and dismissed concerns about asset risks.
Regulation of the Crypto Market in Europe
BBVA's recommendations come amid warnings from European Union regulators regarding risks associated with cryptocurrencies. 95% of EU banks are avoiding crypto activities, according to the European Securities and Markets Authority (ESMA). In March, Spain’s securities regulator allowed BBVA to offer Bitcoin and Ether trading in the country.
Other Banks and Their Crypto Initiatives
Other banks, such as Santander, are also considering offering cryptocurrency services, including the issuance of their own stablecoins and expanding retail crypto offerings. Santander is looking to launch stablecoins pegged to both the dollar and euro. Compliance with new requirements under the Markets in Crypto-Assets Regulation (MiCA) is expected by July 2026.
BBVA's recommendations reflect a changing approach to cryptocurrencies within the traditional banking system, despite existing warnings from regulators.
