Emre Yumlu 
Largest Brazil private bank is adding its voice to the growing institutional discussion around Bitcoin. Itaú Unibanco’s investment arm, Itaú Asset Management, has issued a forward-looking portfolio recommendation suggesting that investors consider allocating between one percent and three percent of their portfolios to Bitcoin in 2026. According to the bank, such a limited but deliberate exposure could strengthen diversification and improve overall risk management.
Global Uncertainty Reshapes Portfolio Thinking
In its latest research note, Brazil Itaú Asset highlights an increasingly complex global environment. Rising geopolitical tensions, shifting monetary policies, and persistent currency risks are challenging traditional portfolio structures. Against this backdrop, alternative assets are gaining relevance.
Renato Eid, Strategy Director at Itaú Asset, describes Bitcoin as a complementary investment rather than a replacement for conventional assets. He emphasizes that Bitcoin operates under a different set of dynamics compared to fixed-income instruments, equities, or domestic markets. Its decentralized and global nature, Eid argues, gives it the potential to function as a hedge against currency-related risks.
Volatility Does Not Eliminate Strategic Value
Bitcoin’s recent price history has been anything but stable. The asset entered 2025 near ninety-five thousand dollars, declined toward eighty thousand dollars amid trade-related uncertainty, then surged to an all-time high of one hundred twenty-five thousand dollars before stabilizing again around previous levels.
Despite these sharp fluctuations, Itaú Asset maintains that volatility alone should not disqualify Bitcoin from long-term portfolios. The bank stresses that the objective is not short-term price appreciation, but the structural benefits Bitcoin can provide when held in small, controlled proportions. Low correlation with traditional asset classes remains central to this argument.
Currency Effects and the Brazil Perspective
The report also notes that Brazilian investors have experienced Bitcoin’s volatility more intensely than many global peers. The Brazilian real appreciated by roughly fifteen percent over the past year, amplifying local currency losses for Bitcoin holders. Even so, Eid points to internal data showing that BITI11, Itaú’s locally listed Bitcoin ETF, has demonstrated low correlation with other major asset classes.
This characteristic, he explains, supports the case for modest Bitcoin exposure as a way to balance portfolio risks that traditional instruments may fail to address.
Institutional Commitment to Digital Assets
Itaú Asset’s recommendation aligns with its broader strategic move into digital assets. In September, the firm established a dedicated crypto-focused division led by former Hashdex executive João Marco Braga da Cunha. Beyond its existing Bitcoin ETF and crypto-linked retirement products, Itaú plans to expand into a wider range of offerings, including derivatives, staking strategies, and structured products.
Rather than framing Bitcoin as a speculative gamble, Itaú positions it as a disciplined portfolio component with specific diversification benefits. This measured approach reflects a broader shift within traditional banking toward structured and institutional engagement with digital assets.
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