Nigeria Leads Global Rankings in Cryptocurrency Awareness, Survey Reveals

Nigeria, Africa’s largest economy, has emerged as the world’s most cryptocurrency-aware nation, according to the results of a global survey conducted by ConsenSys and YouGov.

The survey aimed to provide insights into how various countries perceive cryptocurrencies and the broader Web3 ecosystem.

The primary findings of the poll suggest that Nigeria and South Africa are the top two countries in terms of cryptocurrency awareness.

When compared to respondents from large economies such as the UK, US, Japan, and Germany, 99% of Nigerians and 98% of South Africans displayed a better understanding of Web3.

The poll included 15,158 people aged 18 to 65 from 15 different nations. 70% of Nigerian respondents said they understood the essential concepts of blockchain technology.

Ownership rates indicate Nigeria’s high degree of cryptocurrency awareness, with 76% of the 1,001 Nigerian respondents saying that they presently hold or have previously owned cryptocurrencies.

Bitcoin and Ethereum were the most popular cryptocurrencies, followed by BNB and Dogecoin, both of which are ahead of Tether.

Furthermore, 90% of Nigerian respondents expressed interest in investing in cryptocurrencies within the next year, while 65% viewed cryptocurrencies as a hedge against hyperinflation and monetary devaluation.

Despite regulatory issues, with the Central Bank of Nigeria breaking relations between cryptocurrency exchanges and local banks in February 2021, 50% of respondents believe regulators should adopt regulations that encourage participation while protecting investors.

The report also found that while 92% of respondents were aware of cryptocurrencies, only 8% were well-versed in web3, revealing a gap between crypto awareness and understanding. Web3 was seen as the next internet evolution among survey respondents, offering decentralization, privacy and digital ownership.

A significant portion also desired more control over their online identity and data privacy, with 70% believing they should share in profits made from their data. Trust in current internet services, especially social media, was low, emphasizing the need for better identity ownership and privacy solutions.

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