Spain’s Second Largest Bank Advises Wealthy Clients To Make Crypto Allocation

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Wealthy Clients, Time to Get Your Crypto Act Together! 💰🚀

Ah, BBVA (Banco Bilbao Vizcaya Argentaria), the second-largest bank in sunny Spain, has decided to sprinkle a little crypto fairy dust on its affluent clientele. They’re suggesting a delightful allocation of up to 7% of their portfolios into the whimsical worlds of Bitcoin (BTC) and Ethereum (ETH). How positively avant-garde! 🌟

It seems that the once-stoic financial institutions, which previously turned their noses up at crypto like it was a rather unpleasant cheese, are now warming up to the idea. Who knew that digital coins could be so charming? 🪙

BBVA Suggests Crypto Allocation

In a rather bold move, BBVA has reportedly advised its wealthy patrons to invest between 3% and 7% of their investment portfolios into the glittering realms of Bitcoin and Ethereum, depending on how much risk they’re willing to tango with. At the DigiAssets conference in London, Philippe Mayer, the head honcho of digital and blockchain solutions at BBVA Switzerland, declared with a flourish,

“With private customers, since September last year, we started advising on bitcoin. The riskier profile, we allow up to 7% of (portfolios in) crypto.”

How generous! It’s like giving a child a taste of chocolate before letting them dive into the whole cake. 🍰

Clients Receptive

Meyer, with a twinkle in his eye, claimed that the bank’s customers have been positively receptive to this crypto counsel. He waved away concerns about Bitcoin being a risky investment asset, stating,

“If you look at a balanced portfolio, if you introduce 3%, you already boost the performance. At 3%, you are not taking a huge risk.”

Ah, the sweet sound of financial optimism! And while this 3%-7% advice currently applies to BTC and ETH, Meyer hinted at expanding the crypto buffet later this year. How thrilling! 🍾

BBVA’s gentle nudge towards crypto comes amidst a chorus of warnings from European Union leaders and their central bank about the perils of digital currencies. According to the European Securities and Markets Authority (ESMA), a staggering 95% of banks in the EU are avoiding crypto like it’s a bad habit. But fear not! Meyer reassured us that BBVA has been executing crypto trades since 2021 and has only recently decided to don the active advisory hat in 2024. How very progressive! 🎩

Crypto’s Resurgence

In a dramatic twist, Bitcoin (BTC) and its crypto companions have soared to dizzying heights in recent months, with BTC gallivanting past $100,000 and setting a new all-time high of $111,970 in May. While the markets have taken a bit of a breather due to macroeconomic concerns and geopolitical shenanigans, BTC has managed to keep its head above water. Bravo! 🥳

This resurgence follows the rather dismal lows of 2022, when several major crypto companies, including FTX and Alameda Research, collapsed like a house of cards, leaving millions of investors in a state of financial disarray. But fear not, for the recovery has been buoyed by a pro-crypto stance from none other than President Donald Trump, who has appointed crypto-friendly individuals to key positions, including the Chair of the United States Securities and Exchange Commission (SEC). How delightful! 🎉

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2025-06-18 21:09