Spain’s second-largest bank, BBVA (Banco Bilbao Vizcaya Argentaria), is encouraging its high-net-worth clients to consider allocating a portion of their investment portfolio to cryptocurrencies, including Bitcoin (BTC). According to a Reuters report published Tuesday, the bank now advises clients to invest between 3% and 7% of their portfolio in crypto, depending on their risk appetite.
Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, said at a conference in London that the bank began recommending Bitcoin to private banking clients as early as September 2023.
“If you look at a balanced portfolio, if you introduce 3%, you already boost the performance,” Meyer explained. “At 3%, you are not taking a huge risk.” He also noted that clients have responded positively, challenging the narrative that crypto is too risky for traditional investors.
BBVA’s advice contrasts with the broader stance of European regulators, who remain cautious about crypto. The European Securities and Markets Authority (ESMA) recently noted that 95% of banks in the EU continue to avoid any crypto involvement, citing regulatory and volatility concerns.
BBVA Secures Regulatory Approval to Offer Crypto Trading in Spain
BBVA has been offering crypto trading services since 2021 and moved toward active advisory in late 2024, setting it apart from other traditional banking institutions. In March this year, Spain’s securities regulator authorized BBVA to offer trading services for both Bitcoin and Ether to clients in the country.
Initially launched for select private banking customers, BBVA’s crypto services will soon be integrated into its mobile application, allowing users to buy, sell, and manage digital assets seamlessly. The expansion marks a notable shift in the bank’s strategy as it embraces digital finance more aggressively.
Traditional Banks Slowly Warming to Crypto
BBVA’s growing involvement in crypto aligns with the broader regulatory changes brought on by the European Markets in Crypto-Assets Regulation (MiCA). Now fully implemented, MiCA provides a unified legal framework for digital assets in the EU. Crypto companies have until July 2026 to comply fully with its standards under an 18-month transition period.
While most banks remain hesitant, some are beginning to follow BBVA’s lead. Santander, another major Spanish bank, is exploring the launch of its own stablecoin and expanding crypto services to retail clients. According to a May report, the bank is considering issuing both dollar- and euro-backed tokens as it navigates the emerging digital finance space.
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