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BBVA’s Crypto Call: Wealthy Investors Encouraged To Allocate Up To 7% To Bitcoin
Spanish bank BBVA has taken a significant step in the crypto space by recommending that its affluent clients allocate up to 7% of their investment portfolios to cryptocurrencies like Bitcoin (BTC). This announcement comes as a surprise, considering the majority of EU banks have been hesitant in embracing digital currencies.
Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, shared this insight during the DigiAssets conference in London. It is essential to note that BBVA has been exploring Bitcoin and blockchain technology since at least 2015. The bank’s interest in digital currencies is not a recent development, as they have been studying the potential benefits of embracing these assets.
The bank’s advice on allocating up to 7% to Bitcoin follows a turbulent period in the crypto market. In 2022, a collapse of prominent exchanges led many investors facing significant losses. However, the resurgence of digital currencies has been bolstered by supportive stances from influential figures and institutional players entering the space.
BBVA’s decision to formally advise on cryptocurrency investments marks a significant evolution in their approach to digital assets. The bank began facilitating client requests for crypto purchases as early as September 2021. This move is unprecedented, considering that the European Securities and Markets Authority has previously cautioned that a vast majority of EU banks, approximately 95%, do not engage in crypto activities.
Source: bitcoinist.com
