The report from the Osservatorio Blockchain & Web3 of the Politecnico di Milano found that in 2024, in Italy, there are as many as 13 million users interested in crypto. Among other data, it also emerges that the Italian Blockchain & Web3 market in 2024 has increased by +5% compared to 2023.
Italy and crypto users: the general situation of 2024
The Osservatorio Blockchain & Web3 of the Politecnico di Milano has published its report on the market and crypto users in Italy.
From what has emerged, it seems that in 2024, the Italian users interested in the crypto world are about 13 million.
Specifically, the report states that there are approximately 2.7 million Italians who own crypto, (7% of the internet population between 18 and 75 years old). However, this figure is down by -11% compared to the 3.6 million in 2023.
In any case, 85% of Italians stated that they own crypto for a value of less than 5,000 euros, while 57% specified that they are crypto holders for less than 1,000 euros.
Other results on Italian crypto users, then, concern investment choices. In fact, 65% of Italian crypto users state that cryptocurrencies represent 10% of their portfolio. On the contrary, only 15% of users allocate 30% of their portfolio to crypto.
Speaking of future purchases of crypto, the interest of Italians has decreased from the 20% declared in 2023 to 17% in 2024. On the contrary, those who declared to have been crypto holders in the past have risen from 10% to 11%.
Italy and crypto users: the Blockchain & Web3 market remains stable
Continuing with the report from the Osservatorio Blockchain & Web3 of the Politecnico di Milano, the situation of the crypto market in Italy seems to remain quite stable.
In practice, this Italian Blockchain & Web3 market of 2024 was equal to 40 million euros, with an increase of +5% compared to 2023.
The predominant crypto sector remains the financial and insurance one at 49%, followed by real estate at 9% and logistics and automotive at 4%.
Compared to other European countries, Italian companies and startups seem to want to invest little in these technologies, with the risk, however, of falling behind in their evolution.
In this regard, Valeria Portale, Director of the Blockchain & Web3 Observatory, said:
“2024 was characterized by an apparent immobility of the blockchain and web3, but it is not so. As with the early days of the internet, we are still in the network consolidation phase: the revolution is conceivable, but the ‘killer application’ capable of promoting its global spread is missing. Cryptocurrencies are currently the main application of the blockchain, but the opportunities are much more. Companies are gradually approaching web3 and, while the financial sector has shown several signs of maturity with many concrete projects, other sectors, after the interest in traceability projects and NFTs, are still hesitant to seize the opportunities of these technologies.”
Even Giacomo Vella, Director of the Blockchain & Web3 Observatory, stated that the Italian market is in a phase of slowdown, with several opportunities still unexpressed.
According to Vella, this data should provide the right impetus to change pace and intensify the dialogue between market players, regulators, and citizens, aiming to stimulate the development of innovative solutions and create an environment conducive to innovation and investments.
The investment trends of the Italians
A report by Revolut revealed what the investment trends of Italians for 2024 were, confirming the theory that crypto in Italy still remain little considered.
In fact, the most chosen trend by Italian investors has been the stocks of technology companies, such as NVIDIA.
In the ETF category, the report states that the favorite stock in 2024 among Italians was iShares Edge MSCI World Quality ETF (Ac). For European stocks, however, the stock of Fusion Fuel Green was the most bought and sold.
In general, the Italian investment portfolios for 2024 have been on average composed of 59% in USA and EU stocks, 38% in ETFs, and 4% in bonds.
In any case, excluding the crypto discussion, the report by Revolut states that compared to other European countries, Italy has recorded a higher growth of trader users, with an increase of 470% year on year.
