Source: Cointelegraph
Original: “Bank of Italy Warns: Cryptocurrency Development May Endanger Investors and Financial Stability”

The Bank of Italy has explicitly listed Bitcoin and other digital assets as emerging risk factors in its latest report, highlighting their dual threat to investors and the financial system.

In the "Financial Stability Report" released in April 2025, the bank specifically warned about the volatility of cryptocurrencies and their increasingly close ties to the real economy, with stablecoins and the crypto asset exposure of non-financial enterprises identified as key regulatory targets.

The report emphasizes: "The rapid growth of highly volatile crypto assets like Bitcoin, given the deepening integration of the digital asset ecosystem with the traditional financial sector and the real economy, poses risks not only to investors but may also endanger financial stability."

The Bank of Italy's report also particularly focuses on the trend of non-financial enterprises holding Bitcoin, noting that this behavior exposes companies to "significant price volatility risks"—a volatility primarily stemming from "expectations that Bitcoin can boost stock prices." Business intelligence firm Strategy (formerly MicroStrategy) pioneered corporate Bitcoin purchases, and since launching its acquisition plan in August 2020, it has inspired several publicly traded companies, including Metaplanet, Semler Scientific, and GameStop, to follow suit.

The report also analyzes the risks of stablecoins, warning that if dollar-pegged stablecoins achieve systemic importance, it could trigger a chain reaction. The report points out that such assets are increasingly reliant on U.S. government bonds as collateral, which may amplify the vulnerabilities of the financial system. Should there be turmoil in the stablecoin or its underlying bond market, it could create a "ripple effect on other sectors of the global financial system."

At the time of this report's release, Italy's Minister of Economy and Finance, Giancarlo Giorgetti, had just warned a few days prior not to underestimate the appeal of dollar stablecoins. In his view, U.S. stablecoin policy poses a greater danger than President Trump's tariff measures.

Giorgetti emphasized in his speech that the status of the euro on the international stage must be enhanced, noting that the development of a digital euro will play a key role in reducing dependence on foreign digital solutions.

Related: Bitcoin (BTC) price remains undervalued, non-farm data ignites rate cut expectations.

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