September 5, 2023

Nigerians Aware Of Crypto More Than Americans, Survey Says

Crypto in Nigeria

Crypto in Nigeria

In a recent global survey conducted in 15 countries, Nigeria has the highest population aware of cryptocurrency, higher than the United States.

The survey was conducted by ConsenSys and YouGov and aimed to gather insights into how different countries perceive cryptocurrencies and the broader Web3 ecosystem on both a macro and regional level.

Based on the results of the survey, it was found that Nigeria and South Africa have the highest level of cryptocurrency awareness among African nations. The survey revealed that 99% of Nigerians and 98% of South Africans are more knowledgeable about Web3 than people in major economies such as the United Kingdom, the United States, Japan, and Germany.

The survey was conducted among 15,158 individuals aged between 18 and 65 from 15 countries. Among Nigerian respondents, 70% claimed to have a good understanding of the basic concepts of blockchain technology.

Nigerians’ knowledge about the cryptocurrency industry is reflected in the percentage of the population that either currently or previously owned cryptocurrencies.

Out of the 1,001 individuals surveyed in Nigeria, 76% had experience with cryptocurrencies, with Bitcoin (BTC) and Ether (ETH) being the most commonly owned. Interestingly, BNB (BNB) and Dogecoin (DOGE) were ranked higher than Tether (USDT), the world’s largest stablecoin.

Additionally, 90% of those surveyed expressed interest in investing in cryptocurrencies within the next year, while 65% believed that cryptocurrency could serve as a hedge against hyperinflation and monetary devaluation. Since the Central Bank of Nigeria severed ties between cryptocurrency exchanges, firms, and local banks in February 2021, 50% of the respondents believed that regulators should establish laws encouraging participation while protecting investors.

ConsenSys has published data and insights related to all 15 surveyed countries. In the United States, 95% of respondents were aware of cryptocurrencies, while 42% had heard of the sector but needed a clearer understanding. Additionally, only half of the American respondents indicated that they currently or previously owned cryptocurrencies.

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