Nigeria Leads the Way in Cryptocurrency Awareness
A recent study conducted by Consensys, a blockchain and Web3 software company, has revealed that Nigeria is at the forefront of cryptocurrency awareness worldwide. An astounding 99% of Nigerians surveyed had heard of cryptocurrencies, with 91% expressing a willingness to invest in them.
The survey, which involved 15,158 participants from 15 countries, including the U.S., the U.K., Argentina, France, India, Japan, Mexico, South Korea, the Philippines, and Nigeria, took place online from April 26 to May 18, 2023. To ensure accurate representation, Consensys and market research firm YouGov weighted the data based on gender and region.
Nigeria’s Dominance in Crypto Knowledge
Consensys discovered that almost everyone in Nigeria is familiar with cryptocurrencies, with four out of five Nigerians having a solid understanding of these digital assets. Many Nigerians view cryptocurrency as an alternative to traditional finance.
Among the 1001 survey participants aged between 18 and 65, approximately 58% believe that cryptocurrencies are the future of money, while 48% see them as the future of digital ownership. Additionally, 43% view crypto as a way to engage in the global financial ecosystem, and 50% believe that the sector should be regulated and encouraged.
Nigerians often invest in crypto to diversify their portfolios, and some do so due to the instability of the country’s local currency, the Nigerian naira. The most popular cryptocurrencies among Nigerian investors are bitcoin, ether, BNB, DOGE, and Tether USDT.
The main obstacles preventing more Nigerians from entering the crypto market are concerns about market volatility and fear of scams, as expressed by 63% and 52% of respondents, respectively. Additionally, 42% of survey participants cited a lack of knowledge about how to get started as a barrier.
Less Familiarity with Web3
Interestingly, while 99% of Nigerians are aware of cryptocurrencies, there is significantly less awareness and understanding of Web3 technologies. Only 21% of respondents claimed to be very familiar with the concept of Web3. Among Nigerians, non-fungible tokens and the metaverse are the most well-known aspects of Web3.
This lack of awareness about Web3 was also evident globally, with only 8% of all survey participants considering themselves very familiar with the concept, despite 92% being aware of cryptocurrencies. Consensys believes that this disparity highlights a disconnect between public perception of Web3 and its potential solutions for digital ownership, privacy, and identity.
Hot Take: Nigeria’s Crypto Awareness and Potential
Nigeria’s remarkable level of cryptocurrency awareness and willingness to invest demonstrates the country’s potential to become a significant player in the global crypto market. However, the lack of understanding and awareness of Web3 technologies indicates the need for more education and awareness campaigns to bridge this gap. With the right support and regulatory framework, Nigeria could position itself as a leader not only in cryptocurrency adoption but also in embracing the transformative power of Web3 technologies.
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