Spanish Banking Giant BBVA Advises High-Net-Worth Clients to Invest in Cryptocurrencies
According to a Reuters report, Spanish banking giant BBVA has advised its high-net-worth clients to invest in cryptocurrencies.
Accordingly, Spain’s second largest bank, BBVA, recommended its clients to invest up to 7% in cryptocurrencies.
Philippe Meyer, Head of Digital and Blockchain Solutions at BBVA Switzerland, said that since September 2024, they have been advising their high-net-worth clients to allocate up to 7% of their portfolio to cryptocurrencies.
The bank recommends a crypto allocation between 3% and 7%, depending on the client’s risk appetite.
Meyer said that BBVA currently recommends its clients to invest mainly in Bitcoin (BTC) and Ethereum (ETH), but they will expand the scope of crypto advice to other altcoins later this year.
“We started advising on Bitcoin and Ethereum with private clients since September last year. We allow clients to invest up to 7% of their portfolio in crypto, depending on risk appetite. As such, we believe BBVA is one of the first major global banks to advise its clients to purchase cryptocurrencies. Because we have been fulfilling customers’ requests to purchase cryptocurrencies since 2021.”
*This is not investment advice.