99% of Nigerians are crypto aware — ConsenSys report

A global survey featuring respondents from 15 countries indicates that Africa’s largest economy, Nigeria, has the most cryptocurrency-aware population in the world.

ConsenSys and YouGov released the findings from the global Web3 perception survey, which sought to provide both macro and regional insights into the perception of different countries toward cryptocurrencies and the broader Web3 ecosystem.

A key takeaway from the data obtained from the qualitative survey was that two African nations rank highest for awareness of cryptocurrencies. According to the survey, 99% of Nigerians and 98% of South Africans are more knowledgeable about Web3 than people in major economies like the United Kingdom, the United States, Japan and Germany.

Survey question and responses. Source: Consensys/YouGov Global Web3 Participation Survey

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

Nigeria’s knowledge of the cryptocurrency sector is mirrored by crypto ownership among its population. Of the 1,001 respondents from Nigeria, 76% either held or previously held cryptocurrencies. Bitcoin (BTC) and Ether (ETH) were the most commonly owned, while BNB (BNB) and Dogecoin (DOGE) ranked higher than the world’s largest stablecoin Tether (USDT).

90% of the Nigerian respondents expressed interest in investing in cryptocurrencies in the next year, while 65% noted that cryptocurrency offered a means to hedge against hyperinflation and monetary devaluation.

Considering that the Central Bank of Nigeria cut ties between cryptocurrency exchanges and firms and local banks in February 2021, 50% of respondents indicated that regulators should create laws that encourage participation while protecting investors.

*Screenshot of a question from the survey. Source: ConsenSys/YouGov Global Web3 Participation Survey*

ConsenSys has published data and insights relating to all 15 surveyed countries. Of United States respondents, 95% said they were aware of crypto, while 42% had heard of the sector but lacked a clear understanding. Only half of the American respondents indicated that they own or previously owned cryptocurrencies.

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