Spain’s second-largest bank has made financial history by becoming one of the first major global institutions to formally recommend crypto investments to its wealthy clients.
BBVA (Banco Bilbao Vizcaya Argentaria) is now advising affluent customers to allocate between 3% and 7% of their investment portfolios to Bitcoin and Ethereum, marking a seismic shift in traditional banking’s approach to digital assets.
This move comes at a time when 95% of European Union banks actively avoid crypto activities, according to the European Securities and Markets Authority (ESMA). While regulators continue issuing warnings about crypto risks, BBVA is positioning itself as a pioneer in the evolving financial landscape, betting that digital assets have matured enough to deserve a place in sophisticated investment strategies.
Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, announced the recommendation at London’s DigiAssets conference, explaining that the bank has been executing crypto trades since 2021 but only began active advisory services in September 2024.
Crypto Allocation Recommendation
“With private customers, since September last year, we started advising on Bitcoin,” Meyer stated. “The riskier profile, we allow up to 7% of portfolios in crypto.”
The bank’s strategy reflects a calculated approach to portfolio diversification, with allocation percentages tied directly to individual risk tolerance. Conservative clients receive recommendations for 3% exposure, while those comfortable with higher risk profiles can invest up to 7% in crypto. This nuanced approach demonstrates BBVA’s sophisticated understanding of crypto’s role in modern portfolio theory.
Meyer dismissed concerns about excessive risk, arguing that even minimal cryptocurrency exposure can significantly enhance portfolio performance.
“If you look at a balanced portfolio, if you introduce 3%, you already boost the performance. At 3%, you are not taking a huge risk,” he explained. The bank’s confidence stems from extensive client feedback showing receptiveness to crypto recommendations and positive performance outcomes.
Regulatory Crypto Tailwinds
BBVA’s bold crypto stance coincides with significant regulatory developments across Europe. The bank received official approval from Spain’s securities regulator in March to offer Bitcoin and Ethereum trading services, enabling it to provide comprehensive digital asset management through its mobile banking platform.
BBVA’s current crypto advisory services focus exclusively on Bitcoin and Ethereum, but the bank plans to expand its recommendations to include additional cryptocurrencies later this year.
The Spanish bank isn’t alone in embracing crypto opportunities. Banco Santander is reportedly considering launching its own stablecoin offerings in both dollar and euro denominations while expanding retail digital asset services.
Even traditionally crypto-skeptical institutions are adapting to market realities. JPMorgan Chase CEO Jamie Dimon, despite maintaining personal reservations about digital currencies, announced in May that the bank now offers clients Bitcoin access, acknowledging market demand while maintaining strict custody limitations.
This strategic positioning could provide BBVA with significant competitive advantages as crypto adoption accelerates globally, particularly given the recent surge in Bitcoin prices following supportive regulatory developments and institutional adoption trends.