Itaú Unibanco Holding SA, Latin America’s largest private bank, advised clients to allocate up to 3% of their portfolio to Bitcoin in 2026.
The bank positioned the cryptocurrency not as a speculative asset but as a hedge against the depreciation of the Brazilian real.
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Why Itau seeks customer funds in Bitcoin
Analysts at the São Paulo-based lender said in a strategy note that investors face the dual challenge of global price uncertainty and domestic currency fluctuations. They argued that these conditions required a new approach to portfolio construction.
The bank recommends a Bitcoin weighting of 1% to 3% to capture returns that are uncorrelated with the domestic business cycle.
“Bitcoin is a distinct asset from fixed income, traditional equity, and domestic markets, with unique dynamics and earning potential, as well as currency hedging capabilities due to its global and decentralized nature,” the bank wrote.
Itau emphasized that Bitcoin should not become a core holding. Instead, the bank assembled assets as complementary allocations tailored to investors’ risk profiles.
Its purpose is to capture profits that are not closely related to the domestic business cycle and to partially protect against currency depreciation. It also aims to maintain exposure to long-term value appreciation.
The bank pointed to the relatively low correlation between Bitcoin and traditional asset classes. He argued that an allocation of 1% to 3% can enhance diversification without adding too much risk to the overall portfolio.
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This approach requires moderation, discipline and a long-term perspective, rather than reacting to short-term price fluctuations, the memo said.
“Attempting ‘perfect timing’ with assets like Bitcoin and other international markets is dangerous and often counterproductive,” the bank warned.
Itau’s 3% cap is squarely in line with the most forward-looking global guidelines and closes the gap with its U.S. peers.
In particular, major US banks such as Morgan Stanley and Bank of America recommend that their clients allocate up to 4% of their assets to flagship digital assets.
But for Brazilian investors, the stakes are different.
Itau said Bitcoin’s “hybrid nature” sets it apart from traditional assets in a world with shorter business cycles and more frequent external shocks.
The bank described its flagship cryptocurrency as partly a high-risk asset and partly a global store of value. They argued that this combination provides resilience that bonds can no longer guarantee.
