Seven percent of a portfolio allocated to cryptocurrencies—a figure that would have sent traditional wealth managers scrambling for their smelling salts just a few years ago—now represents the upper bound of BBVA’s formal recommendation to its affluent clientele.
The Spanish banking giant suggests a range between 3% and 7% for digital assets, depending on clients’ appetite for volatility, focusing exclusively on Bitcoin and Ether rather than venturing into the wilder territories of meme coins and DeFi tokens.
This measured approach comes despite the European Securities and Markets Authority’s persistent warnings about crypto’s inherent risks and stability concerns—warnings that BBVA’s clients have reportedly dismissed with the kind of confidence typically reserved for seasoned gamblers or those who’ve never experienced a proper bear market.
BBVA’s clients dismiss regulatory warnings with the confidence of seasoned gamblers or crypto newcomers who’ve never weathered a bear market.
The bank’s strategic positioning appears vindicated by Spanish regulators, who granted approval in March 2025 for Bitcoin and Ether trading services to select clients.
BBVA’s crypto journey began in earnest with trade executions in 2021, evolved into formal advisory services by September 2024, and now encompasses thorough buying, selling, and portfolio management capabilities. The expansion occurs within the framework of MiCA regulations, which became effective in June 2023 and established comprehensive authorization requirements for crypto service providers across the EU.
Philippe Meyer, Head of Digital & Blockchain Solutions at BBVA Switzerland, represents the institutional expertise driving this expansion—a notable contrast to the broader European banking landscape where most institutions maintain a cautious distance from digital assets.
The timing proves particularly intriguing given ESMA’s reports that only a small percentage of EU banks engage in crypto activities, positioning BBVA ahead of its more hesitant peers.
Whether this represents prescient market positioning or premature enthusiasm remains to be determined, though early performance indicators suggest that even modest 3% allocations can enhance portfolio returns without introducing catastrophic risk.
Market sentiment among experts increasingly supports the hypothesis that traditional institutions will accumulate Bitcoin as regulatory frameworks mature and competitive pressures intensify. Spain’s cryptocurrency landscape has evolved dramatically, with crypto ownership doubling from 4% to 9% of the population between 2022 and 2024.
BBVA’s phased rollout to select clients, combined with planned mobile app enhancements, suggests a methodical approach to what remains, despite growing acceptance, an inherently unpredictable asset class.
The bank’s clients’ receptivity to crypto advice indicates either sophisticated risk assessment or the kind of optimism that precedes memorable learning experiences.
