BBVA’s Daring Crypto Adventure: Wealthy Clients, Hold Onto Your Hats! 🎩💰

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In a move that would make even the most stoic banker raise an eyebrow, the illustrious Spanish bank BBVA has taken it upon themselves to advise their well-heeled private banking clientele to allocate a cheeky 3% to 7% of their portfolios to the wild world of cryptocurrencies. 🤑

BBVA to Advise on More Cryptocurrencies

Yes, you heard it right! The Spanish banking behemoth, BBVA, is reportedly suggesting that its affluent private banking clients dip their toes into the murky waters of cryptocurrencies, allocating a sprightly 3% to 7% of their portfolios. This is not just a case of executing client whims; oh no, dear reader! BBVA is positioning itself as a trailblazer in the realm of crypto recommendations. 🚀

At the recent Digiassets conference in London, the ever-so-dapper Philippe Meyer, head honcho of digital and blockchain solutions at BBVA Switzerland, let slip, “With private customers, since September last year, we started advising on bitcoin. For those with a taste for risk, we allow up to 7% of (portfolios in) crypto.” One can only imagine the gasps from the audience! 😲

According to a rather juicy report from Reuters, this sage advice currently pertains to bitcoin and ether, with grand plans to expand into other cryptocurrencies later this year. This latest escapade by BBVA comes nearly five years after the bank, through its Swiss subsidiary, opened the floodgates to bitcoin trading and custody services for its private banking clients. Talk about being fashionably late to the party! 🎉

In 2023, its Turkish subsidiary, Garanti BBVA, established a dedicated company to provide crypto asset custody services for a veritable cornucopia of digital currencies. Most recently, in March 2025, BBVA received the nod from the Spanish securities regulator (CNMV) to offer bitcoin and ether trading services to its clients in Spain, just in time for the grand unveiling of the EU-wide Markets in Crypto-Assets (MiCA) regulation. How splendid! 🎊

While many private banks are content to merely process client-initiated requests to buy and sell cryptocurrencies, few have the audacity to proactively advise clients to incorporate these digital assets into their portfolios. BBVA’s advisory stance is seen as a significant shift from the cautious approach that has long dominated the staid world of mainstream finance. Who knew banking could be so thrilling? 😏

The Spanish lender’s audacious move comes despite the persistent clucking of regulators, including the European Securities and Markets Authority (ESMA), warning against the perils of investing in cryptocurrencies. However, Meyer boldly asserts that even a modest 3% allocation can “boost the performance” of a balanced portfolio without taking “a huge risk.” Well, that’s a relief! 🥳

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2025-06-18 14:02