Spain's BBVA Is Advising Clients to Invest Up to 7% of Portfolio in BTC, ETH: Reuters
Spanish lender BBVA is advising its wealth clients to invest 3%-7% of their portfolios in cryptocurrencies, an executive of the Spanish bank said on Tuesday.
The bank's head of digital and blockchain solutions Philippe Meyer told the DigiAssets conference in London that it started advising clients on bitcoin BTC in September last year, according to a report by Reuters.
"The riskier profile, we allow up to 7% of (portfolios in) crypto," Meyer said.
BBVA's advice of investing in crypto currently applies to bitcoin and ether ETH, but the bank plans to expand this to other cryptocurrencies later this year, he added.
While many major financial institutions are showing a distinctly warmer attitude toward cryptocurrency investments in 2025 than in years past, BBVA's news is noteworthy in that it is actively advising its clients to buy crypto.
BBVA did not immediately respond to CoinDesk's request for comment.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
35 minutes ago
- Yahoo
BNB Slips Below Key Support as Traders Brace for Maxwell Upgrade and Mideast Shockwaves
BNB has fallen to $635, weathering a choppy market as traders brace for the Maxwell hard fork and rising geopolitical risk in the Middle East. The token's resilience comes as daily transactions on the BNB Chain have surged from 8 million to 17.6 million since mid-May, according to DeFiLlama data. Scheduled for June 30, the Maxwell fork will reduce block times from 1.5 seconds to 0.75 seconds and bring in a series of improvements. It's expected to improve transaction throughput and user experience. Investors are also reacting to mounting global uncertainty. Crude prices have surged more than 10% over the past week as markets weigh the possibility of the United States entering the Israel-Iran conflict. A shutdown of Iranian oil exports or closure of the Strait of Hormuz, Reuters reports, could drive oil to $130 a barrel, analysts at Oxford Economics warned. That could potentially push U.S. inflation to 6% and derail hopes for rate cuts this year. In that environment, risk assets like BNB can see a sell-off as investors move to risk-off positioning. BNB is trading within a narrow range between $635 and $646, with volume confirming a solid support base at $638, as confirmed by a spike in volume. Repeated attempts to break through resistance near $644.5–$645 failed, suggesting sellers are defending that zone, according to CoinDesk Research's technical analysis model. A volume burst of 4,222.99 tokens earlier corresponded with a rapid drop to $638, reinforcing that area as a support level that has now been breached as volumes tapered off for the weekend Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
Yahoo
4 hours ago
- Yahoo
Bitcoin Quickly Plunges Below $103K, With Volatility Burst Spurring $450M in Crypto Liquidations
What started as a positive day for crypto markets quickly reversed during the U.S. session with bitcoin BTC sliding below $103,000 from the $106,500 level just hours earlier. At press time, bitcoin had pared some of the losses, returning to $103,200, down 1.2% over the past 24 hours. Other large cryptocurrencies endured steeper declines. Ethereum's ether ETH saw a sharp 4.5% drop in just 90 minutes to as low as $2,372, with trading volume spiking to nearly 800,000 ETH, nearly eight times the average hourly volume, per CoinDesk data. Solana's SOL SOL, dogecoin DOGE and Cardano's ADA ADA were 3%-5% lower over the same period. The volatility burst caught many traders off-guard, liquidating about $450 million in derivatives trading positions on centralized exchanges across all digital assets, CoinGlass data shows. Some $387 million of liquidations were tied to long positions that bet on profiting from rising prices. While macro risks abound — among them the ongoing conflict between Israel and Iran — there was no immediate external reason for the sudden price swing. The S&P 500 and the Nasdaq 100 indexes only inched lower during the day. Zooming out, BTC continues to trade within a sideways range between $100,000 and $110,000, consolidating just below its all-time record level. "The mixed view of whether BTC will go above $110,000 again or drop into the $90,000 area doesn't surprise me at all and underscores the overall indecision people and markets feel," said James Toledano, chief operating officer at Unity Wallet. "The present BTC stalemate reflects a market caught between bullish long-term sentiment and short-term macroeconomic and geopolitical uncertainty," he added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
6 hours ago
- Business Insider
Elon Musk says xAI will retrain Grok: 'Far too much garbage'
When you're Elon Musk, you don't have to rely on centuries of prevailing human understanding — you can create your own. "We will use Grok 3.5 (maybe we should call it 4), which has advanced reasoning, to rewrite the entire corpus of human knowledge, adding missing information and deleting errors," Musk wrote on X on Friday night. Then, he said he would retrain Grok's latest model on that new base of knowledge to be free of proverbial waste. "Far too much garbage in any foundation model trained on uncorrected data," he added. Musk has for years endeavored to create products, like the rebranded Twitter and Grok, that are free from what he views as harmful mainstream constraints. Business Insider previously reported that Grok's army of "AI tutors" was training the bot on a host of dicey topics to compete with OpenAI's more "woke" ChatGPT. Musk on Saturday asked X users to respond to his post with examples of "divisive facts" that can be used in Grok's retraining. Gary Marcus, an AI hype critic and professor emeritus at New York University, compared Musk's effort to an Orwellian dystopia, which isn't the first time he's made the comparison. "Straight out of 1984. You couldn't get Grok to align with your own personal beliefs, so you are going to rewrite history to make it conform to your views," he wrote on X in response to Musk. A revamped Grok could have real-world impacts. In May, just as Musk was stepping back from his work in Washington, DC to refocus on his various companies, Reuters reported that DOGE was planning to expand its use of Grok to analyze government data. "They ask questions, get it to prepare reports, give data analysis," a source told Reuters, referring to how the bot was being used. Two other sources told the outlet that officials in the Department of Homeland Security had been encouraged to use it despite the fact that it hadn't been approved. A representative for the department told the New Republic that "DOGE hasn't pushed any employees to use any particular tools or products." Grok has also had security issues. In May, after what the company said was an "unauthorized modification" to its backend, the bot started to frequently refer to "white genocide" in South Africa. The company quickly resolved the issue and said it had conducted a "thorough investigation" and was "implementing measures to enhance Grok's transparency and reliability."
