Spain’s second-largest bank, BBVA (Banco Bilbao Vizcaya Argentaria), is advising its high-net-worth clients to allocate a portion of their investment portfolios to cryptocurrencies, including Bitcoin (BTC).
According to a Reuters report on Tuesday, BBVA recommends a crypto allocation of 3% to 7%, depending on the client’s risk appetite. Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, shared the update at a conference in London.
“With private customers, since September last year, we started advising on Bitcoin,” Meyer said, noting that the recommended allocation has recently been increased for clients with higher risk tolerance.
Meyer added that clients have responded positively to the guidance and pushed back against concerns over volatility. “If you look at a balanced portfolio, introducing just 3% [in crypto] already boosts performance. At 3%, you’re not taking a huge risk,” he said.
BBVA’s move comes despite ongoing warnings from European Union regulators and the European Central Bank about the risks associated with cryptocurrencies. According to the European Securities and Markets Authority (ESMA), 95% of EU banks are currently steering clear of crypto-related activities.
BBVA Secures Regulatory Approval for Crypto Services in Spain
BBVA has been facilitating crypto trades since 2021 and shifted to active advisory services in late 2024, putting it ahead of most traditional banks in the space.
In March, Spain’s securities regulator granted BBVA approval to offer Bitcoin and Ether trading within the country.
BBVA’s crypto services were initially launched through a phased rollout to select clients and will soon allow users to buy, sell, and manage digital assets directly through the bank’s mobile app.
Impact of MiCA
BBVA’s expansion into crypto coincided with the full implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA) at the end of 2024. Under the regulation’s 18-month transitional period, EU-based crypto companies have until July 2026 to achieve full compliance with its stringent requirements.
Santander eyes stableoins
Other banks entering the crypto space include Santander, which is exploring the launch of its own stablecoin and expanding its retail crypto offerings. According to a report from May, the bank is considering issuing both dollar- and euro-pegged stablecoins.
