Nigeria Leads the Way in Cryptocurrency Awareness
A recent global survey conducted by Consensys and YouGov has revealed that Nigeria, Africa's largest economy, has the highest level of cryptocurrency awareness in the world. The survey aimed to provide insights into the perception of cryptocurrencies and the wider Web3 ecosystem in different countries.
Nigerians and South Africans Surpass Major Economies
The survey results show that both Nigeria and South Africa outperform major economies like the United Kingdom, United States, Japan, and Germany in terms of cryptocurrency awareness. 99% of Nigerian respondents reported being aware of cryptocurrencies, while 98% of South African respondents also had a good understanding of Web3.
The survey involved 15,158 individuals from 15 different countries, aged between 18 and 65.
High Ownership and Interest in Cryptocurrencies
Not only are Nigerians highly aware of cryptocurrencies, but they are also actively involved in the market. Of the 1,001 Nigerian respondents, 76% currently own or have previously held cryptocurrencies. Bitcoin and Ethereum were the most commonly owned, followed by Binance Coin (BNB) and Dogecoin. Interestingly, the use of Tether, the world's largest stablecoin, ranked lower.
Additionally, 90% of Nigerian respondents expressed an interest in investing in cryptocurrencies within the next year. Many see it as a means to hedge against hyperinflation and monetary devaluation.
Regulatory Considerations
Despite the Nigerian Central Bank severing ties between cryptocurrency exchanges and local banks in February 2021, half of the respondents believe that regulators should create laws that encourage participation while protecting investors.
Global Comparison
The survey also highlighted awareness levels in other countries. In the United States, 95% of respondents were aware of cryptocurrencies, but only 42% had a clear understanding. Ownership rates were also lower, with only half of the American respondents reporting that they own or have owned cryptocurrencies.
Consensys has provided data and insights on all 15 countries surveyed.
As cryptocurrencies continue to gain popularity around the world, Nigeria stands out as a country with a highly crypto-aware population and significant interest in the market.
Source: Consensys/YouGov Global Web3 Participation Survey
Did you find this article helpful?
If you enjoyed this article, check out our magazine article on how to protect your cryptocurrency in a volatile market. Bitcoin OGs and experts weigh in on the best strategies to safeguard your investments.
