Spain’s second-largest bank, BBVA, is now recommending that its wealthy clients invest a small portion of their money in cryptocurrency.
According to Reuters, the bank is advising its wealthy clients to allocate 3% to 7% of their investment portfolio into crypto, including Bitcoin, depending on how much risk they are comfortable with.
Philippe Meyer, who leads digital and blockchain services at BBVA in Switzerland, said during a conference in London that they began giving this advice last September 2024. He noted that clients with higher risk tolerance are now encouraged to invest a larger share.
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Meyer also said that most clients responded positively and were not too worried about the risks.
“If you add just 3% of Bitcoin to a balanced portfolio, it can already improve the overall performance, and at 3%, it’s not a big risk.”
Philippe Meyer
MiCA implementation drives banks toward digital assets
BBVA’s expansion into crypto came as the European Markets in Crypto-Assets Regulation (MiCA) reached full implementation at the end of 2024.
Around 4 million people in Spain either currently have or have had cryptocurrency, which amounts to about 11% of banking customers, based on research by Funcas and The Cocktail Analysis, and9% of the Spanish population already held cryptocurrencies in 2024, according to the European Central Bank.
As traditional banks like BBVA continue to embrace digital assets, the question remains: how will mainstream adoption reshape the future of personal wealth and financial systems in Europe and beyond?
