Nigeria Tops Global Rankings in Cryptocurrency Awareness: A Deep Dive

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In recent findings by the prominent blockchain and Web3 software enterprise Consensys, Nigeria emerged as the global front-runner in cryptocurrency awareness. An impressive 99% of its populace is familiar with this digital asset class, and 91% are open to investments.

Survey Scope and Methodology

Consensys, in collaboration with renowned data analytics powerhouse YouGov, undertook an exhaustive online survey from April 26 to May 18, 2023. They engaged 15,158 participants spanning 15 nations, such as the U.S., U.K., Argentina, France, India, Japan, Mexico, South Korea, the Philippines, and notably, Nigeria. By taking gender and regional variances into account, they ensured the data genuinely reflected national demographics.

Nearly every Nigerian has come across the term “cryptocurrency“. Astonishingly, four out of every five individuals can articulate what these assets entail. For many, cryptocurrencies offer a refreshing alternative to conventional financial systems.

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Drawing from a sample of 1001 participants aged between 18 and 65, a significant 58% view cryptocurrencies as the impending future of currency. Another 48% see them playing a pivotal role in the evolution of digital ownership. Furthermore, 43% perceive crypto as a gateway to the international financial arena, and half opine that regulatory frameworks should be instituted to promote active participation.

Driving Forces and Popular Cryptocurrencies In Nigeria

Why are Nigerians gravitating towards crypto? For a considerable number, it’s a strategic move to diversify investment portfolios. Additionally, the volatility of Nigeria’s currency, the Nigerian naira, prompts many to explore this burgeoning sector. Those with past and present crypto holdings predominantly veer towards Bitcoin, Ether, BNB, DOGE, and Tether USDT.

However, it’s not all smooth sailing. The unpredictable nature of the market intimidates 63% of potential investors. Moreover, 52% are wary of fraudulent schemes. Interestingly, 42% of those surveyed pointed out their lack of knowledge on initiating their crypto journey as a deterrent.

Web3 Technologies: An Uncharted Territory

Despite the overwhelming awareness of cryptocurrencies, a noticeable gap exists in comprehending Web3 technologies. Only 21% of Nigerians claim a strong familiarity with the Web3 concept. However, non-fungible tokens and the metaverse resonate more with the masses.

This trend isn’t confined to Nigeria. Globally, a meager 8% feel well-versed with Web3, even though 92% recognize cryptocurrencies. Consensys interprets this disparity as a potential indicator of the public’s limited understanding of Web3’s capabilities, especially in digital ownership, privacy, and personal identity.

While Nigeria is surging ahead in the cryptocurrency race, there’s ample room for education and growth, particularly in Web3 technologies. As the digital landscape evolves, nations like Nigeria stand poised to harness the vast potential of these innovations.

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