Since the end of 2024, BBVA's private banking arm in Switzerland has been discreetly advising its clients to add Bitcoin and Ether to their portfolios. According to Philippe Meyer, who leads digital and blockchain solutions at BBVA Switzerland, wealthy clients should allocate between 3% and 7% of their portfolios to cryptocurrencies. Reports suggest that this advice aims to increase returns without exposing investors to excessive risks.
BBVA began trading cryptocurrencies in 2021 for some clients. In September 2024, Meyer stated that the bank started formally recommending a 3% allocation to Bitcoin in balanced portfolios. Now, clients with a higher risk tolerance can invest up to 7% in digital assets, reflecting BBVA's growing confidence in cryptocurrencies as a conventional option.
Many clients have responded well so far. Meyer notes that even a small allocation of 3% 'already improves performance' of a diversified portfolio and 'you are not taking a big risk' at this level. Short-term fluctuations still occur—the cryptocurrency markets can drop 20% in a week—but private clients seem ready to ride these waves in search of greater gains.
The European Markets in Crypto-Assets regulation (MiCA) came into effect at the end of December 2024. This set of rules governs token issuers and service providers across the EU. However, the European Securities and Markets Authority reports that 95% of EU banks avoid activities with cryptocurrencies. BBVA stands out: in March 2025, Spain's securities regulator gave formal approval to offer trading of Bitcoin and Ether in the country.
BBVA plans to launch buying, selling, and portfolio management features in its existing mobile app in the coming months. The launch will begin with selected clients before expanding more broadly. While rival banks like Santander explore their own stablecoins—tied to dollars and euros—BBVA's initiative may spark a wave of conventional cryptocurrency services. For now, only high-net-worth clients receive this advice on cryptocurrencies. But if allocations generate solid returns and BBVA withstands any potential market downturns, other banks may follow suit. This would give more investors the chance to include cryptocurrencies alongside stocks, bonds, and real estate. The real test will come if Bitcoin or Ether drastically drop. If BBVA's cautious plan holds under stress, it could reshape how conventional finance treats digital assets.
