99% of Nigerians Are Crypto-Aware – Insights from ConsenSys Report

Cryptocurrency Awareness in Nigeria and South Africa

A survey conducted across 15 countries revealed that Nigeria, Africa’s largest economy, has the most cryptocurrency-aware population in the world. The survey, conducted by ConsenSys and YouGov, provided insights on the perception of different countries towards cryptocurrencies and the Web3 ecosystem.

The survey results showed that Nigerians and South Africans had the highest level of awareness of Web3, with 99% and 98% of respondents respectively having knowledge about the technology. Additionally, 70% of Nigerian respondents stated they understood the fundamentals of blockchain technology.

The survey included 15,158 individuals aged between 18 and 65 from 15 countries, including the United Kingdom, the United States, Japan, Germany, and more. The findings of the survey demonstrate that cryptocurrency and Web3 technology are gaining traction in countries like Nigeria and South Africa.

Cryptocurrency Ownership in Nigeria

In Nigeria, 76% of the 1,001 surveyed respondents either held or previously held cryptocurrencies, with Bitcoin (BTC) and Ether (ETH) being the most popular. BNB (BNB) and Dogecoin (DOGE) were also owned by a significant portion of the population, ranking higher than the world’s largest stablecoin Tether (USDT).

90% of the respondents from Nigeria expressed interest in investing in cryptocurrencies in the upcoming year, while 65% noted that cryptocurrency could be used as a hedge against hyperinflation and monetary devaluation.

In light of the Central Bank of Nigeria’s decision to cut ties between cryptocurrency exchanges and local banks in February 2021, 50% of those surveyed suggested that regulators should create laws that promote participation while protecting investors.

Cryptocurrency Awareness in the United States

The United States had a 95% awareness rate of cryptocurrency, but only 42% of the respondents had a clear understanding of the sector. Of those surveyed, only half indicated that they own or previously owned cryptocurrencies.

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