Report Shows that 99% of Nigerians are Crypto Aware

In a recent global survey spanning 15 countries, Nigeria, the largest economy in Africa, has emerged as the world’s most cryptocurrency-savvy nation with more Nigerians interested in investing in cryptocurrencies.

ConsenSys, in collaboration with YouGov, released the results of the expansive Web3 Perception Survey, aimed at unraveling the attitudes and perceptions of different nations regarding cryptocurrencies and the broader Web3 ecosystem.

Among the striking findings of this survey is the remarkable cryptocurrency awareness in two African nations. According to the data, a staggering 99% of Nigerians and 98% of South Africans exhibit a more profound understanding of Web3 technologies compared to major economies like the United Kingdom, the United States, Japan, and Germany.

This comprehensive survey enlisted 15,158 participants from 15 different countries, all aged between 18 and 65. Impressively, a substantial 70% of the Nigerian respondents demonstrated a solid grasp of the fundamental concepts behind blockchain technology.

Remarkably, Nigeria’s cryptocurrency knowledge translates into widespread crypto ownership. Out of the 1,001 Nigerian respondents, a remarkable 76% of Nigerians either currently hold or have previously owned cryptocurrencies. Bitcoin and Ether dominate their portfolios, with Binance Coin (BNB) and Dogecoin also gaining significant popularity, outpacing even the world’s largest stablecoin, Tether.

90% of Nigerians Interested in Crypto Investments

Looking ahead, a striking 90% of Nigerian participants expressed their intention to invest in cryptocurrencies within the next year. Meanwhile, 65% identified cryptocurrency as a viable hedge against hyperinflation and monetary devaluation.

It’s worth noting that despite regulatory challenges, particularly the Central Bank of Nigeria’s severing of ties between cryptocurrency exchanges and local banks in February 2021, half of the Nigerian respondents believe that regulators should create a regulatory framework that fosters participation while safeguarding investors’ interests.

ConsenSys has made available a comprehensive breakdown of data and insights from all 15 surveyed countries. In the United States, for instance, 95% of respondents indicated awareness of cryptocurrencies, with 42% having heard of the sector but lacking a deep understanding. Surprisingly, only half of American respondents reported owning or previously owning cryptocurrencies.