Crypto Adoption Revealed: The Insightful Global Investigation

Mapping the current state of affairs in terms of crypto and Web3 adoption can of course be done in many different ways. Consensys, a well-known blockchain technology company, has partnered with international market research firm and data analytics firm YouGov to conduct a global Web3 perception survey covering a total of fifteen different countries around the world.

Crypto adoption worldwide

A total of 15,158 people took part in the survey by answering a total of 32 questions. The participants were spread across the following countries: Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, the Philippines, the United Kingdom, the United States and finally Vietnam.

First, we will discuss the general findings of the study before comparing the different countries from different points of view.

When asked about the top three associations participants had with cryptocurrencies, 31 percent chose “the future of digital ownership” as the top association.

In addition, 24 percent of all respondents worldwide seem to be familiar with the concept of “Web3”. Specifically, 8 percent said they were “very familiar” and 16 percent “fairly familiar”.

Nigeria is becoming a crypto country

Juxtaposing the above countries, Nigeria seems to be at the forefront of digital asset perception. The West African country ranks first in crypto consciousness. No fewer than 99 percent of the 1,001 respondents are familiar with cryptocurrencies. Additionally, the survey shows that 80 percent say they understand what cryptocurrencies are.

In addition, 70 percent understand the underlying blockchain technology and 90 percent are willing to invest in the emerging industry.

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Additionally, 46 percent of respondents said they owned crypto at the time of the survey. Additionally, 30 percent said they had encountered cryptocurrencies in the past.

Bitcoin (BTC) and Ethereum (ETH), the two largest cryptos by market cap, are the most popular coins Nigerians currently own or have owned in the past.

The prevailing belief is that digital assets represent the future of money. No fewer than 58 percent of all Nigerians share this belief. Additionally, 48 percent see crypto as the future of digital property and 43 percent as a means to actively participate in a global financial ecosystem.

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