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BBVA Bank advised wealthy clients to invest up to 7% of their portfolios in cryptocurrencies.
The Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) advises wealthy clients to invest up to 7% of their portfolio in cryptocurrencies. This is reported by Reuters, citing the head of digital and blockchain solutions at BBVA in Switzerland, Philippe Meyer (Philippe Meyer).
He advised clients to invest between 3% to 7% of their portfolio in crypto assets, depending on their level of risk tolerance.
Vig added that he considers BBVA one of the first major global banks to start advising its wealthy clients to buy cryptocurrencies. According to Meyer, the bank has been fulfilling client requests to purchase crypto assets since 2021.
The recommendation to invest 3-7% currently applies only to Bitcoin and Ethereum, but BBVA plans to expand it to other cryptocurrencies later this year, Reuters noted.
In addition, Meyer added that clients are generally positive about these recommendations and dismissed concerns about the excessive risk of this asset.
Earlier we reported that BBVA received approval from the national securities regulator to provide services for trading Bitcoin and Ethereum in Spain.