Nigeria ranks as the world’s most cryptocurrency-aware nation, with a staggering 99% of its population familiar with cryptocurrencies, as per a global survey by ConsenSys and YouGov.
Nigeria, Africa’s largest economy, leads the world in cryptocurrency awareness, as per a global survey by ConsenSys and YouGov. This survey aimed to understand how different countries perceive cryptocurrencies and the broader Web3 ecosystem.
The key findings show that Nigeria and South Africa rank highest in cryptocurrency awareness. Compared to respondents from major economies like the UK, US, Japan, and Germany, 99% of Nigerians and 98% of South Africans have a solid grasp of Web3 concepts.
The survey included 15,158 people aged 18 to 65 from 15 countries. Impressively, 70% of Nigerians said they understand the basics of blockchain technology.
Ownership rates highlight Nigeria’s strong cryptocurrency awareness, with 76% of 1,001 Nigerian respondents stating they currently hold or have owned cryptocurrencies before.
Bitcoin and Ethereum are the most popular cryptocurrencies in Nigeria, followed by BNB and Dogecoin, with Tether lagging behind.
In Nigeria, a striking 90% of survey respondents expressed keen interest in investing in cryptocurrencies within the upcoming year. Additionally, 65% of these respondents regarded cryptocurrencies as a safeguard against hyperinflation and the devaluation of their local currency.
Despite facing regulatory challenges, notably the Central Bank of Nigeria’s move to sever ties between cryptocurrency exchanges and local banks in February 2021, half of the survey participants, or 50%, believed that regulatory authorities should introduce regulations that both foster cryptocurrency involvement and safeguard investors.
The survey also unveiled a disparity between cryptocurrency awareness and comprehension. While a considerable 92% of the respondents were aware of cryptocurrencies, merely 8% demonstrated a solid understanding of Web3, signifying a noticeable gap in knowledge. Survey participants viewed Web3 as the next phase of internet evolution, promising decentralization, enhanced privacy, and digital asset ownership.
Furthermore, a significant proportion of respondents desired more control over their online identity and data privacy. In fact, 70% of those surveyed believed they should have a stake in the profits generated from their data. Trust in existing internet services, particularly social media platforms, was notably low, underscoring the urgency for improved solutions regarding identity ownership and privacy.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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