A recent global survey conducted by ConsenSys and YouGov has revealed that Nigeria has the highest cryptocurrency-aware population in the world. The survey aimed to provide insights into the perception of different countries toward cryptocurrencies and the broader Web3 ecosystem. It included 15,158 individuals aged between 18 and 65 from 15 countries.
One of the key findings of the survey is that two African nations, Nigeria and South Africa, rank highest in terms of awareness of cryptocurrencies. The data shows that 99% of Nigerians and 98% of South Africans have more knowledge about Web3 than people in major economies such as the United Kingdom, the United States, Japan, and Germany.
In terms of blockchain technology, 70% of the Nigerian respondents claimed to understand its fundamental concepts. This level of knowledge is reflected in the ownership of cryptocurrencies among Nigerians. Out of the 1,001 Nigerian respondents, 76% said they either currently hold or have previously held cryptocurrencies. The most commonly owned cryptocurrencies were Bitcoin (BTC) and Ether (ETH), while BNB and Dogecoin (DOGE) ranked higher than Tether (USDT), the world’s largest stablecoin.
Interestingly, 90% of Nigerian respondents expressed an interest in investing in cryptocurrencies within the next year. This indicates a strong belief in the potential of cryptocurrencies as investment opportunities. Additionally, 65% of the respondents noted that cryptocurrencies offered a means to hedge against hyperinflation and monetary devaluation. This highlights the significance of cryptocurrencies in economic contexts where traditional currencies may be unstable.
Despite the Central Bank of Nigeria cutting ties between cryptocurrency exchanges and local banks in February 2021, half of the respondents still believe that regulators should create laws that encourage participation while protecting investors. This suggests that there is a recognition of the need for regulation in the cryptocurrency space, but it should be balanced to foster innovation and protect users.
In contrast, the survey revealed that cryptocurrency awareness in the United States is lower than in Nigeria. While 95% of US respondents claimed to be aware of cryptocurrencies, only 42% admitted to having a clear understanding of the sector. Additionally, only half of the American respondents stated that they currently own or have previously owned cryptocurrencies.
The findings of this survey provide valuable insights into the cryptocurrency landscape within different countries. They highlight Nigeria’s position as a leader in cryptocurrency awareness and adoption, despite regulatory challenges. The high level of knowledge and interest in cryptocurrencies among Nigerians illustrates the potential for crypto-related businesses and investments in the country.
Overall, the data from this survey emphasizes the global impact of cryptocurrencies and the growing awareness and adoption of these digital assets. As cryptocurrencies continue to disrupt traditional financial systems, it is crucial for policymakers and regulators to strike a balance between fostering innovation and safeguarding investors. The results from this survey serve as a call to action for countries around the world to carefully consider their approach to cryptocurrencies and the broader Web3 ecosystem.
In conclusion, Nigeria’s cryptocurrency-aware population is unmatched, with 99% of Nigerians surveyed demonstrating knowledge about Web3. This survey provides valuable insights into the awareness and adoption of cryptocurrencies in different countries, highlighting Nigeria’s leadership in this space. With an increasing interest in cryptocurrencies and the potential for investment, Nigeria’s cryptocurrency sector holds great promise for the country’s economic growth.