According to a recent report by Reuters, BBVA, a major Spanish banking institution, is proactively advising affluent clients to invest in Bitcoin and Ethereum.
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The Bilbao-based financial services company has recommended an allocation ranging from 3% to 7% of their portfolio, depending on their level of risk tolerance.
This could be potentially a watershed moment for crypto since it is one of the first major banks to actually promote crypto investments instead of just tolerating them.
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BBVA is the largest bank in Spain (alongside Santander) with roughly $700 billion worth of assets under management and 80 million customers around the globe.
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The overwhelming majority of EU banks (roughly 95%) have yet to touch crypto.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team