BBVA Tells Rich Folks: It’s Time to Buy Bitcoin – Before It Gets Too Cool!

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Oh, dear old Spain! As if the flamenco wasn’t enough, the illustrious banking giant BBVA has decided that the future of wealth doesn’t lie in stashing cash under the mattress, but in something far more mysterious: Bitcoin. And they’re not suggesting this for the average Joe—they’re telling their top-tier, private-banking clients to get with the times and invest in crypto.

According to a *whopping* report from Reuters (yes, that’s how we do it these days), BBVA’s advice for their wealthiest clients is this: allocate somewhere between 3% to 7% of their portfolios to Bitcoin (BTC) and other cryptocurrencies. You know, just a cheeky bit of risk for the ultra-rich. 🎩💸

Philippe Meyer, the Head of Digital & Blockchain Solutions at BBVA Switzerland—try saying that three times fast—was the one delivering this bombshell at the DigiAssets conference in London. He cheerily revealed that since September 2024, the bank has been guiding its private clients to the dazzling world of Bitcoin. How very 2024 of them! 🌍🚀

“For those with the *riskier* profile, we’re happy to allow up to 7% crypto exposure,” Meyer said. Just what you need for those ‘rainy day’ scenarios, right?

Now, this move is all part of BBVA’s grand plan to help wealthy Spaniards expand their financial horizons. They’ve already started offering crypto trading and custody services for select clients in Spain. If you’re lucky enough to have a private account, you might get the golden ticket to buy Bitcoin or Ethereum. Full access will come eventually for all private banking clients, but don’t expect a gold-plated invitation—just a nice email. 😎

The bank’s push to get clients into crypto comes amid a growing trend of traditional financial institutions dipping their toes into the crypto pool. Sure, the European Securities and Markets Authority has been warning about crypto risks to global financial stability (the nerve!), but who listens to them when the money’s flowing, eh?

BBVA’s been catering to private clients’ requests for Bitcoin purchases since 2021, back when the world was still trying to figure out what NFTs were and whether they should worry about them. 🧐

Meanwhile, in another corner of the financial jungle, JPMorgan has decided that even the skeptics can have their cake and eat it too. Despite CEO Jamie Dimon’s not-so-secret disdain for crypto, he’s now defending his bank’s customers’ right to play with digital assets. Talk about a turnabout! Not only that, but JPMorgan will also accept Bitcoin exchange-traded funds (ETFs) as collateral for loans to the wealthy. How utterly cheeky, don’t you think?

As for BlackRock’s BTC ETF? Well, it’s expected to be the first accepted for this initiative. Because if it’s good enough for BlackRock, it’s good enough for everyone, right?

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2025-06-17 22:22