Banks advise Bitcoin. The Swiss branch of the Spanish bank BBVA is more crypto-friendly than ever, especially with Bitcoin (BTC) and Ethereum (ETH). Indeed, we learn today that BBVA Switzerland actively advises its wealthiest clients to invest up to 7% of their financial portfolio in the two most valued cryptocurrencies in the market.
BBVA Switzerland has been advising its wealthiest clients to invest up to 7% of their portfolio in Bitcoin and Ethereum since September 2024.
The bank plans to extend its investment advice to other cryptocurrencies later this year, marking a turning point in the attitude of major banks towards crypto-assets.
The Spanish bank BBVA advises its clients to invest in Bitcoin and Ethereum
The Swiss branch of the large Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) has long shown interest in Bitcoin and Ethereum (since 2021), while other banks were still criticizing and denigrating crypto-assets (the latter being fewer in number today).
Further evidence of BBVA Switzerland's crypto-friendly attitude: we learn through a publication by Reuters that, since September 2024, the bank has begun advising its wealthiest clients to invest between 3% and 7% of their portfolio in Bitcoin and Ethereum!
« With private clients, since last September, we have started advising Bitcoin. For the riskier profile, we accept up to 7% of the portfolio in cryptocurrencies. »
Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland
BTC and ETH to start, but other cryptos are planned for the program
While many banks must comply (sometimes with more or less goodwill) with the desire and demand of their clients to invest in Bitcoin and cryptocurrencies, it is relatively rarer for them to openly advise their clients to buy them.
BBVA is thus one of the first major global banks to advise its wealthy clients to invest in crypto-assets. It should be noted that it had already executed its clients' requests to buy them since 2021, as mentioned earlier in this article.
The investment advice currently applies to Bitcoin and Ethereum, but BBVA plans "to extend this advice to other cryptocurrencies later this year." It must be said that the incredible performance of Bitcoin (over 1000% in 5 years!) and the main cryptos compensates for the slight risk taken for only a small portion of an investment portfolio.
« If you are looking for a balanced portfolio, and if you introduce 3% [of cryptocurrencies], you already boost the performance. And at 3%, you are not taking a very big risk. »
Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland
This announcement from BBVA comes as the traditional banking sector slowly, but truly, begins to open up to cryptocurrencies for good. Recently, one of Russia's largest banks, Sberbank, launched Bitcoin-linked bonds.
