Which country has the highest awareness of cryptocurrencies?

Country with highest cryptocurrency awareness?

Author: Kingsley Okonkwo & Samuel AkLianGuain, Consensys; Translation: Song Xue, LianGuai

Cryptocurrencies are no longer just a niche interest; they have caught the attention of the world. According to a recent survey, 92% of people worldwide are aware of the cryptocurrency craze. However, this enthusiasm is not evenly distributed globally. While some regions show caution, others, especially Southeast Asia, South America, and Africa, see cryptocurrencies as beacons of financial opportunity. In countries facing economic challenges, cryptocurrencies often serve as a safeguard against financial unpredictability.

From April 26th to May 18th, 2023, Consensys partnered with YouGov to embark on a journey to explore the global sentiment surrounding cryptocurrencies and Web3. This significant global survey on cryptocurrencies and web3 covers 15 countries and involves 15,158 individuals aged 18-65, revealing insights beyond traditional expectations. Get ready for astounding revelations.

Nigeria emerges as the country with the highest cryptocurrency awareness in the world.

According to the survey, Nigeria’s cryptocurrency awareness data is remarkable, with 99% of respondents stating that they are highly aware of cryptocurrencies. Furthermore, 70% of respondents have a clear understanding of the basic concepts of blockchain technology, elevating Nigeria’s position on the global cryptocurrency stage.

In terms of cryptocurrency ownership, Nigeria is on par with countries like the United States. This is particularly interesting considering that the Central Bank of Nigeria announced in February 2021 that cryptocurrency transactions directly violate existing laws. The central bank also banned commercial banks from conducting cryptocurrency transactions and issued warnings about the risks associated with cryptocurrency trading.

However, 90% of Nigerian respondents indicated that they plan to invest in cryptocurrencies in the next 12 months, reflecting their confidence in its potential. Furthermore, 65% of respondents view cryptocurrencies as a safeguard against financial recession and severe inflation. This is in stark contrast to Europe and Japan, where a significant portion of the population seems hesitant about investing in cryptocurrencies in the future.

Nigeria has an overwhelmingly positive perception of cryptocurrencies. Over half of the population associates it with the future of money, and 48% see it as the core of future digital ownership. Concerns about speculation or scams are relatively low, at 9% and 6% respectively. It’s worth noting that 90% of people believe that cryptocurrencies can improve the digital landscape, and 87% strongly believe that they should have ownership of their online creations.

What is the situation in other parts of the world?

In the United States, there is a high awareness of cryptocurrencies, but the enthusiasm is not as high. 50% of the respondents claim to understand what cryptocurrencies are, while 42% have heard of cryptocurrencies but lack a clear understanding. Additionally, half of Americans have owned or currently own cryptocurrencies, and 43% plan to invest in them within the next year.

Similarly, in Germany, almost 90% of the population has heard of cryptocurrencies, but only 40% understand them. The investment rate is low, with only 14% having owned cryptocurrencies before and 16% currently owning them. The UK provides a different perspective. Many British people have negative associations with cryptocurrencies, but they also see them as an alternative to traditional finance – which is good, although most believe strict regulation is necessary.

On the contrary, South Africa shows great prospects for cryptocurrencies. Surprisingly, 98% of the population in the country is aware of cryptocurrencies, and the overall sentiment is very positive, linking cryptocurrencies with the future of currency and digital ownership. Most South Africans believe in some form of regulation, either hoping for strict regulation or favoring more investment-friendly approaches, but as high as 80% of South Africans are willing to invest.

Summary

From the Northern Hemisphere to the Southern Hemisphere, Nigeria leads in global cryptocurrency awareness with 99% recognition and 70% understanding of underlying blockchain technology, as well as a willingness to invest as high as 90% to hedge against financial instability.

The attitudes of Nigeria, South Africa, and even developed countries like the United States and Germany paint a complex picture of global cryptocurrency adoption. While countries like the United States and Germany are cautious due to market volatility and fraud concerns, countries like Nigeria and South Africa see cryptocurrencies more as a financial opportunity and safeguard.

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