ConsenSys Report: 99% of Nigerians Know About Crypto

A comprehensive global survey spanning 15 countries has illuminated a fascinating trend: Nigeria, Africa’s largest economy, boasts the world’s most cryptocurrency-aware population.

ConsenSys and YouGov have unveiled the findings of the global Web3 perception survey, a study designed to offer both overarching and regional insights into how various countries perceive cryptocurrencies and the broader Web3 ecosystem.

One standout discovery from this qualitative survey is that two African nations stand tall in terms of cryptocurrency awareness. According to the survey’s results, a striking 99% of Nigerians and 98% of South Africans exhibit greater familiarity with Web3 than individuals in major economies such as the United Kingdom, the United States, Japan, and Germany.

This expansive survey encompassed 15,158 individuals from 15 different countries, ranging in age from 18 to 65. Among Nigerian respondents, an impressive 70% expressed comprehension of the fundamental concepts underlying blockchain technology.

Remarkably, Nigeria’s depth of knowledge about the cryptocurrency sector aligns with actual crypto ownership among its populace. Among the 1,001 Nigerian respondents, a substantial 76% confirmed they either currently hold or have previously held cryptocurrencies. The most commonly held cryptocurrencies were Bitcoin and Ether, while BNB and Dogecoin also made a notable appearance, surpassing even the world’s largest stablecoin, USDT.

Another compelling finding reveals that 90% of Nigerian respondents expressed a keen interest in investing in cryptocurrencies within the upcoming year. Additionally, 65% recognized cryptocurrencies as a means to safeguard against hyperinflation and currency devaluation.

It’s noteworthy that despite the Central Bank of Nigeria severing connections between cryptocurrency exchanges, local banks, and firms in February 2021, half of the respondents (50%) emphasized the importance of regulators creating laws that both encourage participation and protect investors.

ConsenSys has diligently compiled data and insights pertaining to all 15 countries surveyed. In the case of the United States, 95% of respondents indicated awareness of cryptocurrencies, with 42% having heard of the sector but lacking a clear understanding. Interestingly, only half of the American respondents reported owning or having previously owned cryptocurrencies.

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