A recent survey conducted by ConsenSys and YouGov revealed that 92% of people worldwide are aware of cryptocurrencies like Bitcoin. However, while awareness is high, understanding of the concept is low. Only 8% of respondents could confidently say they were familiar with the general concept of Web3. Developing regions, such as Nigeria, South Africa, and Brazil, show strong recognition and interest in cryptocurrencies, with 99% of Nigerian respondents demonstrating awareness of crypto. This contrasts with the larger level of mistrust toward cryptocurrency displayed by European nations and Asian nations like Japan and South Korea. In Argentina, where the currency has experienced significant devaluation and instability, 56% of respondents indicated a higher likelihood of owning cryptocurrency as a store of value. Additionally, the survey found that only 24% of respondents were aware of Web3, with just 8% claiming to be “very familiar” with the concept. ConsenSys predicts that as web3 projects gain traction, crypto literacy rates will improve.
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