Spanish bank BBVA is now advise The rich customers to invest up to 7% of their portfolios in Crypto and Bitcoin, which shows how traditional banks start to see Bitcoin’s potential.
“With private customers, since September last year, we started advising on Bitcoin,” said Philippe Meyer, head of Digital & Blockchain Solutions in BBVA Switzerland, during the Digiassets conference in London. “The riskier profile, we allow up to 7% of the portfolios in crypto.”
The private wealth division of the bank currently recommends customers 3% to 7% of their portfolio to Bitcoin and Crypto, depending on their individual appetite. Although many private banks have offered to carry out Bitcoin or crypto transactions on request, it remains rare that a global financial institution formally advises customers to buy. BBVA currently recommends allocations specifically in Bitcoin.
Meyer emphasized that even a modest allocation to Bitcoin can have a meaningful impact on the portfolio return: “If you look at a balanced portfolio, if you introduce 3%, you already stimulate the performance,” he said. “With 3%you don’t take a huge risk.”
BBVA began to carry out Bitcoin purchases for its customers in 2021, but Meyer said that this is the first time that formal allocations recommend. In June 2021, the bank Bitcoin Trading and Custody Services launched through its Swiss subsidiary for private customers. “With this innovative offer, BBVA positions itself as a benchmark setting in the acceptance of blockchain technology,” said BBVA Switzerland CEO Alfonso Gómez at the time.
BBVA’s interest in digital currency goes even further. Already in 2015 the bank made it clear that he considered Bitcoin and Blockchain technology as more than just a passing trend. In a statement that now seems more and more ahead, BBVA said: “Institutions that understand that Bitcoin and Digital currency will lead the new monetary system,” the conviction emphasizes that Early Adopters would gain a strategic benefit.
BBVA adjusted this early support from many of his colleagues, because few large banks were willing to go publicly with Bitcoin at that time.
What started when the interest in blockchain technology has changed in direct investment guidance, which now culminated in BBVA who formally advises rich customers to allocate up to 7% of their portfolios to Bitcoin, a clear sign that the bank sees it as a long -term part of its future.