Cryptocurrency in Italy

Growing Awareness but Low Use of Crypto

In Italy, about 39% of the population is fully familiar with cryptocurrency, like Bitcoin or Ethereum while a smaller number are still unfamiliar with it. However, the gap between familiarity and actual usage tells a compelling story. When asked whether they’ve ever owned or used cryptocurrency, only about 26% of Italians say they have. This stark difference between awareness and actual adoption could point to a lack of trust, understanding, or perhaps just the unfamiliarity of navigating the space of buying, storing, and using cryptocurrency. Despite the relatively low adoption rate, the industry still sees promise—roughly 28% of Italians express a desire to learn more about cryptocurrencies, even if they have not yet invested in them.

Lack of Understanding: The Biggest Barrier to Crypto Adoption

It’s no surprise, then, that when examining the perceived barriers to adoption, Italians identify a lack of understanding as the primary obstacle. Security concerns follow closely behind. Regulatory uncertainty, which affects a third of the respondents, is another challenge, as people remain unsure about how governments will regulate or tax digital currencies in the future. With volatility also being a major concern, it’s clear that while the technology holds appeal, the risks may be more pronounced for potential adopters.

Mobile Wallets are the Top Storage Choice

Mobile wallets are the most popular option for storing cryptocurrency. This is likely because mobile wallets prioritize convenience and accessibility. A smaller proportion opts for software wallets, which tend to offer slightly more security but can be harder to manage. On the other end of the spectrum, physical devices—such as Ledger hardware wallets—offer increased security but require an extra step to access and are used by a small group. Cryptocurrency exchanges and integrated financial apps also command significant market share.

Bitcoin is the Top Crypto Coin

The types of cryptocurrency that Italians engage with are also revealing. Bitcoin is by far the most popular coin with Ethereum comes next. The lower popularity of altcoins like Dogecoin reflects a more conservative approach to cryptocurrency investment. Bitcoin and Ethereum, both well-established and highly recognized in the market, still dominate the Italian market, with people seemingly gravitating toward the safer, more familiar options rather than exploring newer or more volatile coins.