BBVA Encourages Wealthy Clients to Invest in Bitcoin
Spanish bank BBVA is now advising its wealthiest clients to invest in Bitcoin. The bank suggests allocating 3% to 7% of their portfolios to Bitcoin and other cryptocurrencies. This advice varies based on the investor’s risk tolerance, according to Philippe Meyer, Head of Digital & Blockchain solutions at BBVA Switzerland.
BBVA has been guiding its private clients on Bitcoin investments since September 2024. The bank plans to offer crypto trading and custody services to customers in Spain. Initially, only select private clients could buy Bitcoin and Ethereum. But access is expanding to all private banking customers.
BBVA’s move reflects a growing trend among traditional financial institutions. Despite warnings from the European Securities and Markets Authority about crypto risks, more banks are embracing digital assets. BBVA has been executing BTC purchases for clients as 2021, when it launched trading for private clients in Switzerland.
Other banks are following suit. JPMorgan now allows clients to buy and hold Bitcoin. CEO Jamie Dimon, once a crypto skeptic, now supports customer access to digital assets.JPMorgan will also accept spot Bitcoin etfs as collateral for loans. BlackRock’s BTC ETF will be the first accepted. This shift shows banks are increasingly open to cryptocurrencies.
While some EU banks avoid crypto, experts believe it’s only a matter of time before they start stockpiling Bitcoin. This trend shows the growing acceptance of cryptocurrencies in the financial sector.
- BBVA advises 3%-7% crypto allocation.
- BBVA launched Bitcoin trading for Swiss clients in 2021.
- JPMorgan will accept Bitcoin ETFs as collateral for loans.
BBVA’s embrace of Bitcoin highlights the changing landscape. As more banks enter the crypto space, the financial industry is adapting to the digital asset trend.
