BBVA Advises Clients to Invest Up to 7% in Bitcoin Amid Growing Crypto Interest

Highlights:

• The banking group is advising wealthy clients to allocate a portion of their portfolios to crypto.
• The regulator in Spain recently approved BBVA to offer Bitcoin and Ether trading.
• JPMorgan and BBVA are responding to rising client interest as crypto adoption grows across major global markets.

The Spanish banking group, BBVA, is advising its wealthy management clients to invest in Bitcoin and Ether. The bank suggests investing 3-7%, depending on the risk appetite of every client. Philippe Meyer, the Head of Digital and Blockchain Solutions of BBVA Switzerland, explained that this advisory strategy was launched in September last year.

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🇪🇸 Spain’s largest bank BBVA advises investing in Bitcoin — Reuters

Financial giant Banco Bilbao Vizcaya Argentaria (BBVA) has officially started recommending wealthy clients allocate 3% to 7% of their portfolio to cryptocurrency, depending on their risk tolerance.

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He believes that more risky profiles can be encouraged to invest up to 7% in crypto assets. He argued that a large allocation to crypto can enhance a balanced portfolio without introducing too much risk The bank has recommended that its clients invest in the top two cryptos for now. However, it plans to add more crypto assets to its advisory services later this year. Meyer pointed out that clients are responding well to the guidance, and many are open to the recommendation. The banking giant first offered crypto trading services to private clients in Switzerland.

BBVA Advises on Crypto Allocation as Adoption Grows

BBVA’s move is consistent with the increase in crypto interest in Spain. BBVA obtained authorization from the financial markets authority in March to provide trading in Bitcoin and Ether. The bank introduced this service in stages, starting with a few individual customers. It will increase access via its mobile banking platform within the next few months. The feature will enable the customers to purchase, sell, and manage digital assets together with conventional investments.

Despite BBVA’s growing crypto services, most European banks have stayed away from digital assets. The European Securities and Markets Authority recently reported that 95% of banks in the European Union avoid any crypto-related activity. Still, BBVA continues to respond to growing interest from private clients and investors.

Data supports this trend, showing a sharp rise in crypto use across Spain. According to data, 9% of Spanish citizens owned crypto last year. The figure is up from 4% in 2022. In addition, Chainalysis, a blockchain data platform, reported that crypto transaction volume in the country reached nearly $80 billion last year. These figures highlight increased adoption among both retailers and institutions.

Traditional Banks React to Client Demand for Crypto Exposure

Other financial institutions are now taking similar steps to meet client demand for digital assets. JPMorgan recently announced it would allow customers to purchase Bitcoin through its platform. The chief executive said the bank will not hold the crypto itself but will include it in client statements. The bank also plans to accept Bitcoin exchange-traded funds as collateral for loans to wealthy clients. BlackRock’s ETF is expected to be the first approved under this initiative.

Xapo Bank, a crypto custody provider, remarked that adoption has expanded owing to practical application and greater knowledge of use cases among people. According to Investment Manager Gadi Chait, traditional finance is now attempting to capture some of the crypto market. He cited supportive initiatives in nations such as the UK, Japan, and Switzerland as instrumental towards more crypto adoption.