Survey Shows 99% of Nigerians Have Awareness of Cryptocurrencies
A recent survey conducted by blockchain and Web3 software company Consensys, in collaboration with market research firm YouGov, has revealed Nigeria’s impressive stance as a leader in cryptocurrency awareness and adoption on a global scale. The study encompassed responses from 15,158 individuals across 15 countries, shedding light on the perception of cryptocurrencies and the broader Web3 ecosystem.
The survey‘s standout finding is that Nigeria has an astounding 99% cryptocurrency awareness among its population, ranking it the most cryptocurrency-aware nation globally. Moreover, 91% of Nigerians were willing to invest in cryptocurrencies, underlining the country’s growing interest in this digital asset class.
Understanding Web3 technologies, an integral part of the decentralised web, also displayed remarkable levels in Nigeria. Nearly four out of five Nigerians have a solid grasp of these technologies, recognising their potential to revolutionise traditional finance.
Nigeria’s remarkable cryptocurrency awareness aligns with its high rate of participation. 76% of respondents revealed that they own or hold cryptocurrencies. This contrasts with countries like the United States, where 95% of respondents reported awareness of cryptocurrencies, yet only half had actively engaged with digital assets.
Nigerians see cryptocurrencies as an alternative to traditional finance and a means of diversifying their investment portfolios. Bitcoin and Ethereum were the most popular choices among investors, followed closely by Binance Coin (BNB) and Dogecoin (DOGE).
The survey’s findings also shed light on the regulatory landscape’s impact. Despite regulatory challenges faced in Nigeria, such as the Central Bank’s restrictions on crypto exchanges’ interactions with local banks in 2021, 50% of respondents believed regulators should adopt regulations encouraging crypto participation while safeguarding investors’ interests.
While cryptocurrency awareness shines brightly in Nigeria, the study also revealed a gap in understanding regarding Web3 technologies. Only 21% of respondents in Nigeria reported being very familiar with the concept of Web3, highlighting an area for potential education and awareness initiatives.
Nigeria’s cryptocurrency journey is a compelling example of how awareness and adoption can flourish despite regulatory hurdles. The nation’s persistent interest in cryptocurrencies underscores their potential to transcend borders, empower individuals, and provide financial opportunities. As the global landscape of cryptocurrencies and Web3 continues to evolve, collaboration between governments, regulators, and the crypto community will be crucial in harnessing the transformative power of these technologies while ensuring responsible integration into the financial world.
