Crypto Insight: Nigeria Leads the Way

A recent global survey spanning 15 different nations has spotlighted Nigeria, the largest economy in Africa, as boasting the world's highest population in terms of cryptocurrency awareness.

The survey, conducted by ConsenSys and YouGov, unveiled its comprehensive results from the global Web3 perception survey. This study aimed to delve deep into the perceptions of various countries regarding cryptocurrencies and the broader Web3 ecosystem, both at the macro and regional levels.

One compelling revelation from the qualitative survey data was that two African nations took the lead in terms of cryptocurrency awareness. According to the survey results, an astonishing 99% of Nigerians and 98% of South Africans exhibited a greater understanding of Web3 concepts compared to individuals in major economic powerhouses like the United Kingdom, the United States, Japan, and Germany.

Survey inquiry and answers. Sourced from the Consensys/YouGov Global Web3 Participation Survey.  

This extensive survey encompassed 15,158 individuals living across 15 different countries, ranging in age from 18 to 65. Among the Nigerian respondents, an impressive 70% demonstrated a solid grasp of the foundational principles of blockchain technology.

Nigeria's acumen in the cryptocurrency arena also correlates with the prevalence of cryptocurrency ownership among its populace. Among the 1,001 Nigerian respondents, a remarkable 76% either currently held or had previously possessed cryptocurrencies. Notably, Bitcoin (BTC) registered at $25,884 and Ether (ETH) at $1,633 were the most commonly held cryptocurrencies, while BNB (BNB) at $214 and Dogecoin (DOGE) at $0.06 surpassed even the world's largest stablecoin, Tether (USDT) at $1.00 in terms of ownership frequency.

What's more, a staggering 90% of Nigerian respondents expressed their keen interest in investing in cryptocurrencies within the upcoming year. Meanwhile, 65% acknowledged that cryptocurrencies served as a viable means of safeguarding against hyperinflation and monetary devaluation.

It's noteworthy that in February 2021, the Central Bank of Nigeria severed connections between cryptocurrency exchanges and local banks. Despite this regulatory challenge, half of the respondents remained adamant that regulators should devise legislation that fosters participation in the cryptocurrency space while safeguarding the interests of investors.

An image capture of a survey inquiry. Derived from the ConsenSys/YouGov Global Web3 Participation Survey.

ConsenSys has released comprehensive data and insights for all 15 countries included in the survey. In the case of respondents from the United States, 95% expressed awareness of cryptocurrency, with 42% indicating they had heard of the sector but lacked a deep understanding. Additionally, only half of the American respondents disclosed ownership or prior ownership of cryptocurrencies.