Cryptocurrencies and Web3 in Italy: between growing interest and challenges to overcome, the report by Consensys

According to the latest report by Consensys, cryptocurrencies and Web3 are gaining ground in Italy, but uncertainty and distrust are holding back adoption. 

Among curiosity, investment diversification, and distrust, the Italian landscape reflects both potential and unique challenges for the future of Web3. Let’s see all the details in this article. 

The educational gap hinders the adoption of Web3 in Italy, what emerged from the Consensys survey?

In recent years, the world of cryptocurrencies has attracted the attention of millions of people around the world, including many Italians. Although curiosity towards these technologies is growing, the national landscape highlights a series of contradictions. 

On one hand, there is interest and desire for innovation; on the other, significant barriers remain, such as mistrust, lack of knowledge, and the association with risks and scams. 

This dualism represents a significant challenge for those working in the blockchain and Web3 sector, but also an opportunity to promote education and trust.

According to the global survey 2024 by Consensys, 21% of Italians have already had direct experiences with cryptocurrencies, while 27% plan to invest in the next 12 months.

The main motivation? Curiosity, indicated by 31% of respondents. This is followed by portfolio diversification (14%) and the possibility of obtaining short-term returns (12%). 

However, only 11% of the Italian population currently owns cryptocurrencies, with a prevalence among the young. 15% in the 18-24 age group and 13% among those aged 25-34. In contrast, only 8% of citizens between 55 and 65 years old have decided to venture into this world.

Despite 94% of Italians being familiar with the term “cryptocurrencies,” only 49% claim to understand how they work, while 46% state they still have doubts. 

This gap highlights one of the main barriers to adoption: the poor literacy in blockchain, Web3, and decentralized systems. 

Among the most significant brakes, the perception of market volatility (60%), the fear of scams and phishing (54%), and the difficulty in understanding where to start (41%) stand out.

Cultural barriers and divergent perceptions

At the international level, cryptocurrencies are often associated with concepts like “the future of money” or “digital ownership.” In Italy, however, less optimistic associations prevail, such as “speculation” and “scams.”

This discrepancy reflects not only a different cultural approach, but also a widespread lack of trust towards new technologies. 

An interesting fact is that only 35% of Italians believe that decentralized systems can improve key sectors such as banking or public infrastructure. This value is indicative of a limited perception of the innovative potential of Web3.

Trust in the traditional financial system is another critical aspect. Only 50% of Italians trust financial institutions, a figure that could represent an opportunity for decentralized finance (DeFi).

However, the lack of knowledge on how these technologies can offer concrete alternatives is a significant obstacle to overcome.

To bridge the gap between interest and adoption, education plays a crucial role. Currently, only 12% of Italians are familiar with blockchain technology, and less than 30% trust this technology’s ability to manage data and identities securely. 

This perception is aggravated by the idea that tools like blockchain are energetically unsustainable, a problem particularly felt in Italy. 

For example, 37% of Italians believe that cryptocurrencies like Bitcoin and Ethereum have a negative environmental impact, without distinguishing the differences between the two technologies.

In parallel, interest in NFTs (non-fungible tokens) is growing, even though it remains niche. About 25% of Italians are familiar with this technology, and 32% plan to invest in it over the next 12 months. 

NFTs represent an opportunity to increase interest in Web3, especially if associated with concrete use cases such as digital art and gaming.

The role of Consensys and the future of cryptocurrencies in Italy

Joseph Lubin, co-founder of Ethereum and CEO of Consensys, emphasized how blockchain and decentralization can enhance transparency, trust, and privacy in data management.

However, to realize this potential, it is necessary to address challenges such as disinformation and the lack of regulatory clarity.

According to Lubin, 2024 could represent a turning point for the blockchain ecosystem, thanks to greater education and technological innovation.

In Italy, the main task is to overcome cultural diffidence and promote a deeper understanding of the opportunities offered by cryptocurrencies. 

This requires a joint effort between companies, institutions, and communities to educate the public and bridge the gap between knowledge and adoption.