A recent global survey conducted by ConsenSys and YouGov has revealed that Nigeria, the largest economy in Africa, has the highest level of cryptocurrency awareness in the world. The survey aimed to provide insights into how different countries perceive cryptocurrencies and the broader Web3 ecosystem. The findings showed that 99% of Nigerians and 98% of South Africans have a better understanding of Web3 compared to major economies like the United Kingdom, the United States, Japan, and Germany.
The survey included 15,158 individuals between the ages of 18 and 65 from 15 different countries. Among the Nigerian respondents, 70% claimed to have a solid grasp of the fundamental concepts of blockchain technology. This high level of knowledge about the cryptocurrency sector in Nigeria is also reflected in the ownership of cryptocurrencies among its population. Out of the 1,001 Nigerian respondents, 76% either currently held or had previously held cryptocurrencies. Bitcoin (BTC) and Ether (ETH) were the most commonly owned, followed by BNB and Dogecoin, which ranked higher than the world’s largest stablecoin, Tether (USDT).
Interestingly, 90% of Nigerian respondents expressed interest in investing in cryptocurrencies within the next year. Additionally, 65% believed that cryptocurrencies offered a means to hedge against hyperinflation and monetary devaluation. These findings are significant considering that the Central Bank of Nigeria severed ties between cryptocurrency exchanges, firms, and local banks in February 2021. Despite this regulatory intervention, 50% of the respondents indicated that they believed regulators should create laws that encourage participation while protecting investors.
ConsenSys has published the data and insights relating to all 15 countries surveyed. In the United States, for example, 95% of the respondents were aware of cryptocurrencies, but only 42% claimed to have a clear understanding of the sector. Additionally, only half of the American respondents reported owning or previously owning cryptocurrencies.
This survey highlights the increasing awareness and adoption of cryptocurrencies in Nigeria, positioning the country at the forefront of the global cryptocurrency movement. It also sheds light on the potential for cryptocurrency investments to serve as a hedge against economic uncertainties in the region. As more Nigerians continue to show interest in investing in cryptocurrencies, there is a growing demand for regulators to implement frameworks that facilitate safe and secure participation in the cryptocurrency market.
This survey conducted by ConsenSys and YouGov provides valuable data and insights into the perception and awareness of cryptocurrencies among different countries. The results demonstrate the widespread knowledge and interest in cryptocurrencies in Nigeria, making it a key player in the global cryptocurrency landscape. As the cryptocurrency market continues to evolve, it will be crucial for regulators to strike a balance between enabling innovation and protecting investors.