BBVA is advising affluent clients to allocate up to 7% of their portfolios to crypto just months after it received permission to offer crypto trading.
Spain’s second-largest bank, BBVA (Banco Bilbao Vizcaya Argentaria), has advised its affluent clients to allocate some of their investment portfolio to invest in crypto.
BBVA told its wealthy clients to invest between 3% to 7% of their portfolio into crypto and Bitcoin (BTC), depending on their desired risk exposure, Reuters reported on Tuesday, citing a company executive.
“With private customers, since September last year, we started advising on Bitcoin,” Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, said at a conference in London. He added that the portfolio allocation has now been increased for riskier profiles.
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