Bitpanda has shared research examining the crypto investment market in Italy.
In Italy, Bitpanda said they have found that nearly one in ten people (9%) across the European nation currently invest in virtual currencies, however, the update clarified that this number rises to 16% for Millennials and 13% for Gen Z.
According to the update from Bitpanda, this represents a significant difference between the investment habits of the “younger and older generations” residing in Italy, with just 8% of Generation X currently owning crypto, and just 4% of Baby Boomers.
As stated in the research report from Bitpanda, this “popularity” with those under the age of 42 makes digital currencies one of the “most widely used asset classes” for young people in Italy, reportedly surpassing other forms of investment asked about in the YouGov survey.
The Bitpanda team further noted that data also now seem to suggest that overall “optimism” towards crypto-assets in Italy might potentially continue to grow in the future.
The survey shared by Bitpanda revealed that the proportion of young Italian people who would like to invest in crypto-assets in the future is “even higher” than the proportion of those who already own crypto with 17% of GenZ and millennials planning to invest in digital assets in the next year.
As stated in the update from Bitpanda, this optimism is also reflected in their expectations regarding the Bitcoin (BTC) price.
Irrespective of whether they have currently invested or not, 41% of millennials and 51% of Gen Z believe that Bitcoin will “increase in value over the next 12 months.”
Massimo Di Rosa, Bitpanda Country Director for Italy, said that the results of the insightful YouGov survey underline the confidence and enthusiasm of young Italian people for cryptocurrencies.
They added that it is notable that 16% of millennials and 13% of Generation Z have already invested in digital currencies.
They also noted that these young people continue to drive the adoption of cryptocurrencies.
They also mentioned that at Bitpanda, we are proud to support this development and offer our customers the opportunity to invest in cryptocurrencies easily and securely.’
There are several reasons consumers are choosing to invest in crypto-assets, however, the main factors for young Italian investors are as follows: diversification (27%), high potential returns (22%), independence from traditional financial institutions (21%) and technological innovation (21%).
The trust of Generation Z and Millennials in the crypto, Web3, blocchain industry still has to be earnt, and there are some key steps factors that may potentially help with delivering that trust.
According to the YouGov survey, 24% under 43 years old would like to have “more transparent information” and education about virtual currencies.
An additional 23% would like to have “more stability” in the volatile crypto-assets market.