💼 BBVA Backs Crypto! Big Bank Advises the Wealthy to Add Bitcoin $BTC to Their Portfolios 🚀
In a bold move shaking up traditional finance, Spain’s banking giant BBVA is advising its wealthy clients to invest 3% to 7% of their portfolios into cryptocurrencies like Bitcoin and Ethereum $ETH . The recommendation depends on each client’s risk appetite, says Philippe Meyer, head of digital and blockchain at BBVA Switzerland. While crypto advice from banks is still rare, BBVA has been considering client interest since 2021 and started formally advising on Bitcoin in late 2023. Recently, it received approval to offer Bitcoin and Ether trading services in Spain, making it one of the first global banks to actively support crypto investments 🏦💸.
BBVA’s strategy reflects growing institutional confidence in crypto. Even JPMorgan has opened the door to Bitcoin buying, though it won’t hold the assets itself. Still, most European banks remain cautious — 95% of EU banks don’t engage in crypto at all, warns the European Securities and Markets Authority (ESMA). But BBVA sees opportunity: Meyer says adding just 3% crypto to a balanced portfolio could significantly boost performance 📈. For now, BBVA is sticking with Bitcoin and Ether, but plans to include more coins later this year.
This shift comes as Spain’s crypto scene is booming. Ownership of digital assets in the country has more than doubled since 2022, with nearly 9% of Spaniards now holding crypto. In 2024 alone, Spain saw $80 billion in crypto transaction volume, according to Chainalysis. Experts like Gadi Chait from Xapo Bank say that rising public trust, stronger global regulations, and Bitcoin’s price surge past $100K are drawing banks and institutions into the $3.2 trillion crypto industry 🌍🔥. With more banks like BBVA stepping in, the road to mainstream adoption just got a whole lot faster! 🚀💰