Itaú Unibanco Holding S.A., the largest private bank in Latin America, advised clients to allocate up to 3% of their portfolios to Bitcoin for 2026.
The bank framed the digital currency not as a speculative asset, but as a hedge against the erosion of the Brazilian real.
Why does Itaú want customer funds in Bitcoin?
In a strategic note, analysts at the São Paulo-based lender said investors are facing a dual challenge of global price uncertainty and local currency volatility. They argued that these conditions require a new approach to portfolio building.
The bank recommends weighting Bitcoin between 1% to 3% to capture returns unrelated to local cycles.
The bank wrote: 'Bitcoin [is] an asset distinct from fixed income, traditional equities, or local markets, with its own dynamics, its own return potential, and due to its global and decentralized nature — a currency hedge function.'
Itaú emphasized that Bitcoin should not become a core part. Instead, the bank framed the asset as a complementary allocation aligned with the investor's risk profile.
The aim is to capture returns that are not closely tied to local economic cycles and to provide partial protection against currency depreciation. It also aims to maintain exposure to long-term appreciation.
The bank noted the relatively low correlation between Bitcoin and traditional asset classes. It argued that allocating 1% to 3% could enhance diversification without imposing huge portfolio risks.
The memo added that this approach requires moderation, discipline, and a long-term vision, rather than reactions to short-term price fluctuations.
The bank warned that 'attempting to time the market' in assets like Bitcoin or other international markets is fraught with risks — and often ineffective.
Itaú sets a cap of 3% that clearly aligns with the most forward-looking global guidelines, narrowing the gap with its U.S. counterparts.
It is worth noting that major American banks like Morgan Stanley and Bank of America have recommended that their clients allocate up to 4% of their assets to the leading digital asset.
For Brazilian investors, the risks are different.
Itaú stated that in a world where economic cycles are shortening and external shocks are more frequent, the 'hybrid nature' of Bitcoin distinguishes it from traditional assets.
The bank described the leading digital currency as part of high-risk assets and part of the global store of value. It argued that this mix provides a form of flexibility that fixed income can no longer guarantee.
