In a recent report by Consensys, a staggering 99% of Nigerians are reportedly aware of cryptocurrencies, making them the most crypto-knowledgeable population globally. Conducted by Consensys and YouGov, the survey collected responses from all seven continents worldwide, providing both macro and regional insights into different countries’ perception of cryptocurrencies and the wider Web3 ecosystem.
In the data obtained, African nations were surprisingly ranked the highest for awareness of cryptocurrencies. Within this, two nations stood prominently; Nigeria with a 99% awareness level and South Africa not far behind at 98%. In comparison, economic giants such as the United States, Japan, Germany, and Great Britain fell behind in crypto cognizance.
The survey included a demography of individuals aged between 18 and 65 from 15 countries. As high as 70% of Nigerians have indicated that they understand the fundamental basics of blockchain technology, in addition to their awareness of cryptocurrencies. Astonishingly, out of the 1,001 respondents from Nigeria, 76% either owned or previously held cryptocurrencies, with Bitcoin and Ethereum being the most commonly held.
However, these shining prospects do not come without hurdles. Nigeria’s Central Bank severed ties between cryptocurrency exchanges and firms and local banks in Feb. 2021. Despite this measure, half of the survey respondents expressed that regulators should establish laws that encourage participation while also ensuring investor protection.
In the United States, the crypto awareness level stands at 95%, but only half of the respondents indicated that they owned or had previously owned cryptocurrencies.
Cryptocurrency presents a stark potential for countries suffering from monetary devaluation and hyperinflation. This is notably significant for Nigeria, with 90% of respondents expressing interest in investing in cryptocurrencies in the near future, and 65% acknowledging that cryptocurrency presented a buffer against the harsh impacts of hyperinflation.
The Consensys crypto-awareness survey showcases encouraging signs of cryptocurrency adoption globally, particularly in regions facing economic adversity. It indexes how crypto perception may significantly shape global financial landscapes in the future. Nonetheless, as with any nascent industry, there exist uncertainties and risks. Hence, it becomes vital for regulatory bodies to strike a balance between encouraging innovation in blockchain technology and safeguarding the interests of investors.
Source: Cointelegraph
