99% of Nigerians are crypto conscious — ConsenSys report


A worldwide survey that includes respondents from 15 nations signifies that Africa’s largest financial system, Nigeria, has probably the most cryptocurrency-aware inhabitants on the earth.

ConsenSys and YouGov released the findings from the worldwide Web3 notion survey, which sought to supply each macro and regional insights into the notion of various nations towards cryptocurrencies and the broader Web3 ecosystem.

A key takeaway from the info obtained from the qualitative survey was that two African nations rank highest for consciousness of cryptocurrencies. In line with the survey, 99% of Nigerians and 98% of South Africans are extra educated about Web3 than folks in main economies like the UK, america, Japan and Germany.

Survey query and responses. Supply: Consensys/YouGov World Web3 Participation Survey

The survey included 15,158 people residing in 15 nations, aged between 18 and 65. Of the Nigerian respondents, 70% stated they understood the elemental ideas of blockchain expertise.

Nigeria’s data of the cryptocurrency sector is mirrored by crypto possession amongst its inhabitants. Of the 1,001 respondents from Nigeria, 76% both held or beforehand held cryptocurrencies. Bitcoin (BTC) and Ether (ETH) had been probably the most generally owned, whereas BNB (BNB) and Dogecoin (DOGE) ranked greater than the world’s largest stablecoin Tether (USDT).

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90% of the Nigerian respondents expressed curiosity in investing in cryptocurrencies within the subsequent 12 months, whereas 65% famous that cryptocurrency supplied a way to hedge in opposition to hyperinflation and financial devaluation.

Contemplating that the Central Financial institution of Nigeria reduce ties between cryptocurrency exchanges and corporations and native banks in February 2021, 50% of respondents indicated that regulators ought to create legal guidelines that encourage participation whereas defending traders.

Screenshot of a query from the survey. Supply: ConsenSys/YouGov World Web3 Participation Survey

ConsenSys has published knowledge and insights regarding all 15 surveyed nations. Of United States respondents, 95% stated they had been conscious of crypto, whereas 42% had heard of the sector however lacked a transparent understanding. Solely half of the American respondents indicated that they personal or beforehand owned cryptocurrencies.

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