As Italy struggles with the impacts of the coronavirus pandemic, digital businesses like mobile bank Hype are turning to Bitcoin. Hype recently partnered with bitcoin startup Conio to add bitcoin capabilities to its app. Now, 1.2 million customers can easily buy, sell and store the cryptocurrency.
The integration comes at an opportune time. Many Italians are cautious about using cash during the outbreak. Bitcoin offers a digital alternative. The country already has a strong attachment to Bitcoin, ranking it the third most popular online payment method.
Making Bitcoin more accessible through the popular Hype app could further boost adoption. Users can quickly send Bitcoin to friends or use it for online shopping. With the economy forecast to dive into a downturn, some may view it as a limit against inflation.
Italy’s central bank is proposing a €700 billion bailout fund. Such stimulus has caused beliefs Bitcoin’s price will climb as money printing devalues order currencies. Charities are also benefiting from bitcoin donations during the crisis.
The Red Cross in Italy recently raised over €20,000 in bitcoin in just three days. The funds will help fight the pandemic. As traditional businesses struggle, Italy’s digital economy is leaning into bitcoin. The current environment may be the perfect catalyst to push cryptocurrency into the mainstream.
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