ConsenSys And YouGov Survey: Nigeria Has The Most Aware Population Of Cryptocurrencies In The World

Nigeria, has a population that is most aware of cryptocurrencies in the world. (photo: dock bitcoin.com)

JAKARTA - A global survey involving respondents from 15 countries shows that Nigeria, as the largest economic country in Africa, has a population most aware of cryptocurrencies in the world.

ConsenSys and YouGov released findings from the global Web3 perception survey, which aims to provide macro and regional insights into the perceptions of various countries towards the wider cryptocurrency and Web3 ecosystem.

One of the main findings of data obtained from a qualitative survey is that two African countries are ranked the highest in terms of awareness of cryptocurrencies. According to the survey, 99% of Nigerians and 98% of South Africans know better about Web3 than people in major economies such as the UK, United States, Japan, and Germany.

The survey involved 15,158 individuals living in 15 countries, aged between 18 and 65. Of Nigerian respondents, 70% said they understood the basic concept of blockchain technology.

Nigeria's knowledge of the cryptocurrency sector is reflected in crypto holding among its residents. Of the 1,001 Nigerian respondents, 76% of them have or currently have cryptocurrencies. Bitcoin and Ether are the most common owned, while BNB and Dogecoin are ranked higher than the world's largest stablecoin, Tether.

As many as 90% of Nigerian respondents have expressed interest in investing in cryptocurrencies in the coming year, while 65% have noted that cryptocurrencies offer a way to protect themselves from excessive inflation and a decrease in the value of money.

Although the Central Bank of Nigeria cut ties between the cryptocurrency exchange and the company and local banks in February 2021, 50% of respondents indicated that regulators should make laws that encourage participation while protecting investors.

ConsenSys has published data and insights related to all 15 countries surveyed. Respondents from the United States said 95% were aware of crypto, while 42% had heard about the sector but lacked understanding of it. Only half of America's respondents indicated that they had or had cryptocurrencies.