BBVA, Spain’s second-largest bank, is now advising its affluent clients to allocate between 3% and 7% of their investment portfolios to cryptocurrencies, including Bitcoin, marking a significant shift in traditional banking’s approach to digital assets.
The advice was formally announced by Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, during a recent conference in London. Meyer highlighted the bank’s increasing confidence in digital assets, stating, “With private customers, since September last year, we started advising on Bitcoin.” He further clarified that the new, higher allocation range is intended for profiles willing to take on more risk.
Meyer also addressed concerns regarding the perceived risk of cryptocurrencies, noting that clients have generally been receptive to the bank’s counsel. He explained the rationale behind the allocation: “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.” This statement underscores BBVA’s view of crypto as a tool for performance enhancement within a diversified portfolio, rather than an overly speculative endeavor.
BBVA’s proactive stance in the crypto space is particularly noteworthy given the cautious environment among European Union regulators and central banks. Despite warnings about crypto risks, and a report from the European Securities and Markets Authority (ESMA) indicating that 95% of EU banks are avoiding crypto activities, BBVA has moved ahead.
The Spanish banking giant has been engaged in crypto transactions since 2021, positioning itself as a pioneer among traditional financial institutions. Its transition to active advisory services commenced in late 2024, signifying a deeper integration of digital assets into its core offerings.
A significant development enabling this expansion occurred in March when Spain’s securities regulator granted BBVA permission to offer Bitcoin and Ether trading services within the country. This regulatory approval was a crucial step, paving the way for broader crypto services to its clientele.
BBVA’s crypto offerings are being rolled out in phases, initially targeting a select group of clients. The bank aims to enable users to seamlessly buy, sell, and manage various digital assets directly through its mobile application in the coming months, promising enhanced accessibility and convenience.
This strategic move by BBVA coincides with the full implementation of the European Markets in Crypto-Assets Regulation (MiCA) at the end of 2024. MiCA is a comprehensive regulatory framework designed to bring clarity and oversight to the crypto market within the EU. While the regulation has reached full implementation, EU crypto companies have an 18-month transitional period, until July 2026, to fully comply with its stringent requirements.
BBVA is not alone in exploring the crypto landscape among Spanish banks. Santander, another major financial institution, is also considering expanding its crypto services. Reports from May indicate that Santander is mulling the issuance of its own stablecoins, pegged to both the US dollar and the euro, and is exploring options for expanding its retail crypto services. This suggests a growing trend among leading European banks to engage with the evolving digital asset ecosystem, albeit with varying approaches and timelines.
