Over one billion in cryptocurrencies, in the hands of 690,000 Italians, with an average investment of just over 1,545 euros. It is the photograph of the official report on the Italian world of cryptocurrencies, produced by the Oam, the body of agents and mediators. The world of cryptocurrencies is gaining more and more ground in Italy, with an increasing number of people approaching this new form of financial investment. According to the latest data sent to the Oam (Organismo degli Agenti Mediatori), Italians held over one billion euros in cryptocurrencies at the end of the first quarter of 2023. This demonstrates the growing interest of domestic investors in digital currencies and their potential as a medium of exchange and investment.
An interesting trend from the data is the difference in investment approaches among the different age groups. While young people between the ages of 18 and 29 are particularly attracted to cryptos, older investors between the ages of 40 and 60 hold the most considerable amounts.
This may be because older investors have more economic liquidity, allowing them to experiment with more significant investments. The ratio between the number of service providers relating to virtual currency and digital wallet service providers (Vasp) places Italy in second place among the ten European countries with the highest gross domestic product. This data underlines the widespread diffusion and interest towards cryptocurrencies within the country, with numerous platforms and services available to facilitate investments in digital currencies.
Cryptocurrencies are for the new generations
Also interesting is that the age group between 18 and 29 represents the largest share of customers in the cryptocurrency sector, with 40% of the total customers. This suggests that young people are particularly open to adopting new financial technologies and innovative investment opportunities. However, the analysis of the number of investments reveals that investors between the ages of 40 and 60 hold the record, with percentages around 50%. This could suggest greater caution by this age group in investing in cryptocurrencies, preferring higher amounts and more considered and targeted decisions.
While the Italian cryptocurrency market is particularly receptive and growing, there is also an aspect that requires particular attention from the financial authorities: unauthorized use. The Oam has identified 16 subjects who appear to carry out the activity of lenders without being registered in the special register.
This underlines the importance of proper regulation and ongoing vigilance to ensure security and transparency in the cryptocurrency environment. Italy is increasingly embracing the world of cryptocurrencies, with several investors finding interest and opportunities in this emerging financial sector. With a greater diffusion of trading and investment platforms and adequate attention to regulation and security, cryptos could play an increasingly important role in the Italian economy and financial landscape. We just have to wait and see how this trend will evolve and how the authorities will adapt to this new economic reality. Still, the future of cryptocurrencies in Italy looks promising and growing steadily.
