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A global survey involving respondents from 15 countries reveals that Nigeria, Africa’s largest economy, has the most cryptocurrency-aware population in the world.
ConsenSys and YouGov released the findings from the global Web3 perception survey, which aimed to provide both macro-level and regional insights into how different countries perceive cryptocurrencies and the broader Web3 ecosystem.
A key takeaway from the qualitative survey data is that two African nations rank highest for cryptocurrency awareness. This indicates that Nigerians (99%) and South Africans (98%) are more knowledgeable about Web3 than residents of major economies such as Great Britain, the United States, Japan, and Germany.
Source: Consensys/YouGov Global Web3 Participation Survey.
The survey included approximately 15,158 individuals aged 18 to 65 living in 15 different countries. In Nigeria, 99% of respondents indicated they were aware of cryptocurrencies, while 70% stated they understood the fundamental concepts of blockchain technology.
Nigeria’s knowledge of the cryptocurrency sector is mirrored by its level of investment. Among the 1,001 respondents from Nigeria, 76% either currently owned or had previously held cryptocurrencies. Bitcoin and Ethereum were the most commonly held assets, while Binance Coin (BNB) and Dogecoin ranked higher than the use of the world’s largest stablecoin, Tether.
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Ninety percent of Nigerian respondents expressed interest in investing in cryptocurrencies within the next year, while 65% noted that cryptocurrency offers a means to hedge against hyperinflation and monetary devaluation.
Considering that the Central Bank of Nigeria severed ties between cryptocurrency exchanges and local banks in February 2021, 50% of respondents indicated that regulators should create laws that encourage participation while protecting investors.
Source: Consensys/YouGov Global Web3 Participation Survey.
Consensys has published data and insights relating to all 15 countries surveyed. In the United States, 95% of respondents were aware of crypto, while 42% had heard of the sector but lacked a clear understanding. Only half of the American respondents indicated that they owned or had previously owned cryptocurrencies.
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