According to a recent report by Reuters, BBVA, a major Spanish banking institution, is proactively advising affluent clients to invest in Bitcoin and Ethereum, Reuters reports.
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.
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.
The overwhelming majority of EU banks (roughly 95%) have yet to touch crypto.