Itaú Unibanco Holding SA, Latin America's largest private bank, has advised its customers to allocate up to 3% of their portfolio to Bitcoin in 2026.
The bank views cryptocurrency not as a speculative asset, but as a hedge against the depreciation of the Brazilian real.
Why Itau wants customers' funds in Bitcoin
In a strategy note, analysts at the São Paulo-based bank state that investors face a double challenge with global uncertainty surrounding price levels and fluctuating domestic currency. They believe these conditions require a new approach to portfolio composition.
The bank recommends a Bitcoin allocation of 1% to 3% to achieve returns that are not correlated with domestic cycles.
“Bitcoin is an asset that differs from interest-bearing securities, traditional stocks, or domestic markets, with its own dynamics, return potential, and — due to its global and decentralized nature — a currency hedging function,” writes the bank.
Itaú emphasizes that Bitcoin should not become a core component of the portfolio. Instead, the bank describes the asset as a complementary exposure tailored to the investor's risk profile.
The goal is to achieve returns that are not closely tied to domestic economic cycles, as well as to offer partial protection against currency depreciation. It should also maintain exposure to long-term value appreciation.
The bank refers to a relatively low correlation between Bitcoin and traditional asset classes. They believe that an allocation of 1% to 3% can enhance diversification without significantly increasing overall portfolio risk.
The approach, according to the note, requires moderation, discipline, and a long-term perspective rather than quick reactions to short-term price movements.
“Attempts at ‘perfect timing’ in assets like Bitcoin or other international markets are risky — and often counterproductive,” warns the bank.
Itaú's 3% cap aligns the bank with the most forward-looking global guidelines, reducing the gap to American banks.
Among others, large American banks such as Morgan Stanley and Bank of America have recommended that clients allocate up to 4% of their assets to the leading digital asset.
For Brazilian investors, however, the starting point is different.
Itaú says that in a world with shorter economic cycles and more frequent external shocks, Bitcoin's 'hybrid nature' stands out from traditional assets.
The bank describes the leading cryptocurrency as both a high-risk asset and a global form of value storage. The bank believes that this combination provides a form of robustness that interest-bearing assets can no longer guarantee.
