BBVA Advises Wealthy to Invest in Crypto

Spanish banking giant BBVA began advising wealthy clients in September 2024 to allocate 3% to 7% of their portfolios to cryptocurrencies, specifically bitcoin and ether, with higher allocations for those with greater risk appetite. The bank has received regulatory approval in Spain to offer trading services for both bitcoin and ether, and plans to expand to other cryptocurrencies later in 2025. Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, stated that even a 3% allocation can enhance portfolio performance without significant risk. BBVA's proactive approach comes as most EU banks remain hesitant and regulators such as ESMA continue to warn about crypto risks. This move places BBVA among the first major global banks to formally recommend direct investment in digital assets, with JPMorgan having recently allowed clients to buy bitcoin. BBVA's ongoing commitment to blockchain and digital assets highlights its leadership in the sector's mainstream adoption.