A newly published report confirms the rise of Nigeria as a premier crypto-savvy nation, surpassing the United States and several European countries in digital asset knowledge and anticipated investment interest. The study, conducted by YouGov and ConsenSys, reveals Nigeria’s crypto awareness at a staggering 99%. The report is based on responses from 15,158 global survey participants aged 18-65 from 15 different countries exploring the acceptance of web3, the understanding of its workings, and insight into its potential future.
In Nigeria, up to 70% understood the value, operations, and fundamentals of blockchain technology, indicating a robust comprehension of the digital asset. The inclination towards digital asset investment is substantial, with 90% of Nigerian participants (1,001 in total) expressing consideration into such investments for the subsequent 12 months, notwithstanding the country’s chief bank’s ambiguous crypto position.
The appeal of cryptocurrency for Nigerians primarily lies in its potential as a hedge against inflation, following the recent double-digit inflation and the naira’s poor performance. Sixty-five percent of participants viewed virtual currencies like Bitcoin (BTC) and stable coins as protective tools against a weakening local currency. The proposition of governmental clarity in the industry was backed by 50% of participants, and laws safeguarding investors were sought by 40%. Additionally, 76% of Nigeria’s participants either currently possess or previously held top assets like BTC, Ethereum (ETH), USD Tether (USDT), Litecoin (LTC), and others.
Despite global adversities in the market, such as the FTX collapse and the dissipation of the Terra network, which purged billions from the market cap, only 8% considered cryptocurrencies related to scams. Fifty percent viewed them as futuristic alternatives to traditional finance. Public trust in the sector appeared unaffected by drastic market fluctuations, with over 50% of global respondents assessing recent bankruptcy declarations by firms as market-induced, not impairing their overall faith.
In contrast, United States figures indicated more than half of the populace understanding digital assets and ownership track records, while 43% signaled investment interest in the subsequent 12 months.
Nigeria’s triumph in crypto understanding and adoption occurred against governmental disapproval and uncertain regulatory structures. Last year, the Central Government of Nigeria outlawed digital asset ownership, citing investment protection issues, while its predecessor government also delivered injurious comments on the market.
However, Nigeria’s 2023 Financial Act amendment acknowledges virtual currencies as a taxable asset class, sparking speculation of an imminent regulatory approach modification. Irrespective of regulatory changes, the survey validates an optimistic outlook for the digital asset market, hinting at its future in reliable hands.
Source: Cryptonews
