The second-biggest bank in Spain, Banco Bilbao Vizcaya Argentaria, or BBVA, has advised its wealthy customers to think about putting some of their money into cryptocurrency assets.
According to a report from Reuters on Tuesday, the bank is advising its wealthy clientele to dedicate between 3% and 7% of their holdings to crypto and Bitcoin (BTC), based on their individual risk tolerance.
Philippe Meyer, Head of Digital and Blockchain Solutions at BBVA Switzerland, noted during a London conference that the bank began offering guidance on Bitcoin to private clients back in September. He mentioned that allocation recommendations have since increased for those with higher risk appetites.
Meyer also highlighted that clients have responded positively to the strategy, pushing back on the idea that crypto is excessively risky. “In a balanced portfolio, even a 3% allocation can enhance performance,” he explained. “At that level, the exposure remains relatively low-risk.”
BBVA’s recommendation emerges despite ongoing caution from European Union regulators and the region’s central bank regarding the risks tied to crypto, even as the European Securities and Markets Authority (ESMA) reports that 95% of EU-based banks are steering clear of involvement in digital asset services.
BBVA began facilitating crypto transactions in 2021 and expanded into advisory services by late 2024, placing it ahead of many conventional financial institutions.
The Spanish securities authority authorized the bank to provide Bitcoin (BTC) and Ether (ETH) trading services within the nation in March.
BBVA initially introduced its crypto services through a gradual rollout targeting select clients, with plans to soon allow users to buy, sell, and manage digital assets directly via its mobile application.
BBVA broadened its presence in the crypto space just as the European Markets in Crypto-Assets Regulation (MiCA) became fully effective at the close of 2024.
Meanwhile, crypto firms across the EU have until July 2026 to align with MiCA’s strict compliance standards, following an 18-month transition period.
Among the banks entering the crypto space, Santander is reportedly evaluating the launch of its own stablecoin and broadening access to retail crypto services. A report published in May indicates the bank is exploring options for both dollar- and euro-backed stablecoins.
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