A global survey featuring respondents from 15 countries indicates that Africa’s largest economy Nigeria has the most cryptocurrency-aware populace in the world.
Consensys and YouGov released the findings from the global Web3 perception survey, which sought to provide both macro and regional insights into the perception that different countries have towards cryptocurrencies and the wider Web3 ecosystem.
A key takeaway from the data obtained from the qualitative survey was that two African nations rank highest for awareness of cryptocurrencies. This suggests that Nigerians (99%) and South Africans (98%) are more knowledgeable about Web3 than major economies like Great Britain, United States, Japan and Germany.
The survey included some 15,158 individuals living in 15 different countries between 18 and 65. Nigeria had 99% of respondents who indicated that they were aware of cryptocurrencies while 70% said they understood the fundamental concepts of blockchain technology.
Nigeria’s knowledge of the cryptocurrency sector is mirrored by its investedness. Of the 1,001 respondents from Nigeria, 76% either owned or previously held cryptocurrencies. Bitcoin and Ethereum were the most commonly owned while Binance Coin (BNB) and Dogecoin ranked higher than the use of the world’s largest stablecoin Tether.
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90% of the Nigerian respondents expressed interest in investing in cryptocurrencies in the next year, while 65% noted that cryptocurrency offered a means to hedge against hyperinflation monetary devaluation.
Considering that the Nigerian Central Bank cut off ties between cryptocurrency exchanges and firms and local banks in Feb. 2021, 50% of respondents indicated that regulators should create laws that encourage participation while protecting investors.
Consensys has published data and insights relating to all 15 countries that were surveyed. 95% of United States 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 own or owned cryptocurrencies.
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