Spains second-largest bank, BBVA (Banco Bilbao Vizcaya Argentaria), has advised its affluent clients to allocate some of their investment portfolio to invest in crypto.BBVA told its wealthy clients to invest between 3% to 7% of their portfolio into crypto and Bitcoin (BTC), depending on their desired risk exposure, Reuters reported on Tuesday, citing a company executive.With private customers, since September last year, we started advising on Bitcoin, Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, said at a conference in London.
He added that the portfolio allocation has now been increased for riskier profiles.Meyer said clients had been receptive to the banks advice and dismissed concerns that the asset was too risky.
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, he said.Philippe Meyer presenting at a blockchain conference in Lugano, Switzerland, in March.
Source: BBVA SwitzerlandBBVAs move comes amid continued warnings from European Union regulators and the blocs central bank on crypto risks, and while 95% of EU banks are avoiding crypto activities according to the European Securities and Markets Authority (ESMA).BBVA gets regulatory nod in Spain for cryptoBBVA has been executing crypto trades since 2021 and moved to active advisory in late 2024, positioning itself ahead of most traditional banks.In March, Spains securities regulator allowed the bank to offer Bitcoin (BTC) and Ether (ETH) trading in the country.BBVA headquarters in Madrid.
Source: WikimediaCommonsBBVAs crypto offerings were launched in a phased rollout to select clients first, and will enable users to buy, sell, and manage digital assets through its mobile app in the coming months.Impact of MiCABBVAs expansion into crypto came as the European Markets in Crypto-Assets Regulation (MiCA) reached full implementation at the end of 2024.Related: Europe gears up to regulate DeFi in 2026 as MiCA leaves sector in limboEU crypto companies have until July 2026 to fully comply with its stringent requirements under an 18-month transitional phase.Santander eyes stableoinsOther banks that are offering select crypto trading include Santander, which is mulling the issuance of its own stablecoin and expanding retail crypto services.The bank is considering offering both dollar and euro-pegged stablecoins, according to a May report.Magazine: Will Bitcoin tap $119K if oil holds? SharpLink buys $463M ETH: Hodlers Digest