Spanish bank BBVA advises wealthy clients to invest in Bitcoin: report
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Spanish banking giant BBVA is reportedly advising its wealthiest clients to buy Bitcoin, just months after announcing plans to offer cryptocurrency trading to its customers. According to a report by Reuters, BBVA has advised its top money clients to have 3% to 7% of their portfolio allocated to Bitcoin (BTC) and cryptocurrencies. The suggested allocation depends on an investor’s risk appetite, said Philippe Meyer, Head of Digital & Blockchain Solutions at BBVA Switzerland. Speaking at the DigiAssets conference in London, Meyer revealed that the bank has been advising its private clients on BTC investment since September 2024. “The riskier profile, we allow up to 7% of crypto,” Meyer noted. The Spanish lender announced announced plans to offer crypto trading and custody services to customers in Spain. The initial rollout allowed a select group of private clients to purchase Bitcoin Bitcoin and Ethereum (ETH), with full access gradually expanding to all private banking customers. BBVA’s move to actively recommend crypto exposure aligns with a growing trend among traditional financial institutions. Notably, the European Securities and Markets Authority has previously warned that crypto could pose risks to the global financial stability. An ESMA report also noted that most EU banks do not engage in crypto activities. Despite this, the overall sentiment is that more and more are willing to make a foray. Market experts believe its a matter of time before banks begin to stockpile Bitcoin. BBVA, on its part, has executed client requests for BTC purchases since 2021 when it launched bitcoin trading for private clients in Switzerland. Elsewhere in the industry, JPMorgan recently announced it would allow clients to buy and hold Bitcoin. While CEO Jamie Dimon has long been a vocal crypto skeptic, he acknowledged earlier this year that he would defend the right of the bank’s customers to…
Filed under: News - @ June 18, 2025 5:25 am