Italy is among the top economies in the European Union. Italian citizens have embraced Bitcoin and other cryptocurrencies like the rest of the world. Crypto adoption has continued to grow continually, whether as an investment or as a form of payment.
Considering that crypto is still in its infancy, various studies and statistics show that Italy is progressively moving towards mass crypto and blockchain adoption. From individual ownership of crypto to businesses, cryptos like Bitcoin are making headway in the country.
A report released by research firm Statista in 2018 showed that:
Only 8% of the respondents owned crypto.
A vast majority, 92%, responded “No” to the question “Do you own cryptocurrency?’’.
The same survey queried about cryptocurrency ownership expectations.
Of the 1,000 respondents polled, only 24% expected to own crypto in the future. A vast majority did not intend to buy any crypto.
In the same year, ING was surveyed to understand the crypto landscape in Italy. About 1000 respondents participated in the research.
70% of those polled had heard about cryptos.
The survey also put crypto adoption in the country at 8%.
A 2021 study by Finder showed that crypto ownership levels in the country had drastically surged.
From the 1,504 respondents in the survey, about 21% owned crypto.
The country ranked 10th among the 27 countries polled, beating Germany, the UK, and Spain.
The Finder survey discovered that Bitcoin was the most popular crypto to own in Italy. Ethereum, Ripple, Litecoin, and Bitcoin Cash made up the top five cryptos owned by Italians.
The survey also sought to find out the gender gap in crypto ownership in Italy. Like many other countries, men dominated crypto ownership.
What’s interesting is that the difference in Italy is not that pronounced. According to the report, 23% of men held at least one crypto compared to 18% of women.
Research firm Chainalysis conducted a study to determine the level of crypto activity in European countries. The report ranked Italy 7th, just behind countries like the UK and Germany.
Data indicated that the country received a value close to $50 billion in transaction volume between July 2020 and June 2021. Surprisingly, the study stated that Ethereum and Wrapped Ethereum led by transaction volume during this period. Stablecoins, Altcoins, and Bitcoin also had considerable volumes.
Bitcoin Accelerating Adoption
Considering that crypto adoption in Italy stood at about 8% in 2018, it’s surprising to note that crypto payments in the country were taking root.
A report published online by LA STAMPA in 2018 shows that Bitcoin was the third most preferred mode of payment for online services in the country.
On average, Bitcoin was used 215,000 times per month, ranking higher than American Express and Credit Cards.
Another research published on Statista indicates steady progress in the adoption of Bitcoin as a payment medium in the country.
About 350 enterprises in the retail or food services accepted Bitcoin as a means of payment by November 2019.
There were 270 retailers and 214 service companies that accepted Bitcoin in 2019.
There are currently 73 Bitcoin ATMs (BATMs) in the country, according to data by Coinatmradar. This marks an increase of 55% in BATMs since 2019. A majority of the BATMs were located in the capital Milan.
Where Italians Source information about cryptocurrencies
According to an ING study, 26% of the respondents were likely to source information about crypto from special websites. The next possible source of information was financial advisors, by 25%.
How Regulations Are Affecting Crypto Adoption in Italy
The government has adopted taxation policies for cryptos. Italians can exchange crypto for fiat without being taxed.
Non-commercial crypto owners don’t have to pay capital gains taxes on profits from the sale of crypto. This encourages crypto ownership at an individual level.
Regulations have also made it possible for banks to offer crypto services. For instance, HYPE, an Italian challenger bank, currently enables its customers to buy, sell, and trade Bitcoin on their platform.
The rollout of crypto services by banks is expected to have a tremendous effect on crypto adoption in the country. Since crypto is seen as an alternative asset class in the country, many people will find it easy to acquire it, bypassing exchanges and crypto-wallets.
What Next For Crypto Adoption in Italy
A study by a crypto exchange called BitFlyer Europe reveals interesting data concerning what Italians think about the future of cryptos. The crypto confidence index indicated a steady progression of crypto into many aspects of Italian lives.
72% of the respondents polled believed in crypto longevity. Most participants had confidence that crypto would be around in the next ten years.
12% of those surveyed believed that crypto would replace mainstream currencies.
