Spanish Lender BBVA Advises High Net Worth Clients to Invest 3%-7% in Crypto: Report

Spanish bank BBVA is reportedly advising its wealthy clients to allocate between 3% and 7% of their portfolios to crypto. The allocation depends on the client’s “risk appetite”, says Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland.

Speaking at the DigiAssets conference in London, the banker told Reuters that they allow up to 7% of portfolio in crypto for riskier profiles.

“With private customers, since September last year, we started advising on bitcoin,” Meyer noted.

In March, BBVA received approval from the country’s securities regulator to launch Bitcoin and Ether trading services in Spain.

Notably, the bank has been considering clients’ requests to buy crypto since 2021. Meyer believes that it has become one of the first large global banks to advise wealthy clients to buy Bitcoin.

Recently, JPMorgan said that it is finally allowing clients to buy Bitcoin. “We are going to allow you to buy it,” CEO Jamie Dimon said. “We’re not going to custody it. We’re going to put it in statements for clients.”

However, it is unusual for lenders to advise clients to buy crypto.

95% of EU Banks Don’t Engage in Crypto: ESMA

The European Securities and Markets Authority (ESMA) has repeatedly warned about the risks of crypto and said that the sector needed continued close monitoring.

Further, the watchdog noted that 95% of EU banks do not engage in crypto activities. “Since 2025, we have been actively monitoring potential risks crypto assets could represent to financial stability,” ESMA noted.

According to Meyer, BBVA currently advises clients to add only Bitcoin or Ether, with plans to add other cryptos later this year. Further, introducing 3% of the portfolio to crypto would’t be a huge risk, he added.

“If you look at a balanced portfolio, if you introduce 3% you already boost the performance.”

Mainstream Crypto Adoption Enables Institutions to Enter the $3.2T Industry

According to Gadi Chait, Investment Manager at Xapo Bank, a crypto custodian, crypto’s increased legitimacy in the eyes of policymakers and rising retail adoption, fueled by genuine use cases, rather than price speculation, have encouraged recent adoption among banks.

“Traditional finance is slowly waking up to crypto’s call and is vying for a piece of the pie,” he told Cryptonews. Additionally, Bitcoin’s surge to over $100,000 and the promise of pro-crypto policies attracted institutional interest and strengthened Bitcoin’s future, he said.

“Globally, positive signals from countries like the UK, Japan, and Switzerland—around licensing and oversight—validate the asset class on a wider scale,” he added.

Besides, the adoption of cryptocurrencies has seen remarkable growth in Spain recently. Per a 2024 survey by the European Central Bank (ECB), 9% of the Spanish population owns crypto assets, up from 4% in 2022.

Further, Spain reached nearly $80 billion in cryptocurrency transaction volume in 2024, Chainalysis data noted.