99% of Nigerians are crypto aware — ConsenSys report

16


A global survey featuring respondents from 15 countries indicates that Africa’s largest economy, Nigeria, has the most cryptocurrency-aware population 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 of different countries toward cryptocurrencies and the broader Web3 ecosystem.

A key takeaway from the data obtained from the qualitative survey was that two African nations rank highest for awareness of cryptocurrencies. According to the survey, 99% of Nigerians and 98% of South Africans are more knowledgeable about Web3 than people in major economies like the United Kingdom, the United States, Japan and Germany.

Survey question and responses. Source: Consensys/YouGov Global Web3 Participation Survey.

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.

Related: Nigeria to tax crypto, digital assets 10% on capital gains — Experts react

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.

Source: Consensys/YouGov Global Web3 Participation Survey.

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.

Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in