Nigeria Leads The Pack: ConsenSys Study Shows Crypto Recognition At 92% Globally

There is no disputing that cryptocurrencies are now widely accepted. Cryptocurrencies are now firmly part of the global conversation; whether it be investors trading crypto, businesses accepting it as a mode of payment, or just reports about the latest surge or crash in the crypto market. And now, according to a new ConsenSys survey, an impressive 92% of people around the world are aware of cryptocurrencies like Bitcoin.

Developing Regions Show Strong Crypto Recognition

According to a recent poll conducted by the private blockchain software company ConsenSys and YouGov, 92% of people worldwide are aware of cryptocurrencies. Over 15,158 people in 15 nations, with an average age of 18, were surveyed for the report.

However, while awareness of crypto is high, understanding is low. A total of 92% of respondents to the survey had heard of crypto, but only 8% could confidently say they were familiar with the general concept of Web3.

Interestingly, developing regions of the world actually show some of the strongest recognition and interest in cryptocurrencies. Nigeria, South Africa, and Brazil lead in the pack in crypto awareness, with 99% of Nigerian respondents demonstrating awareness of crypto and over 70% accurately guessing the definition of a blockchain.

While developed nations debate regulating crypto, developing regions seem more open to innovation. Cryptocurrencies like Bitcoin and Ethereum have helped to address the inherent risks of unstable currencies leading to high inflation rates and the lack of financial infrastructure for money movement that many people face in developing nations.

This stands in stark contrast to the larger level of mistrust toward cryptocurrency displayed by European nations and Asian nations like Japan and South Korea. In Japan and Indonesia, only 1 in 3 respondents claim to understand what cryptocurrency is.

Total market cap recovers as Bitcoin rebounds | Source: Crypto Total Market Cap on TradingView.com

Only 8% Of Respondents Very Familiar With The Concept Of Web3

In a country like Argentina, whose currency has been through a significant duation and instability in recent years, 56% of respondents indicated a higher likelihood of owning cryptocurrency as a store of value

While crypto and blockchain have gained mainstream awareness, most people still have a lot to learn about web3, the decentralized internet of the future. 36% and 34% of respondents were familiar with the Metaverse and NFTs, but only 24% are aware of Web3, with only 8% saying they are “very familiar” with the concept.

As web3 projects emerge and gain traction, crypto literacy rates should rise. ConsenSys predicts broader understanding will come through a more practical understanding and utilization of web3 technologies.

Featured image from Freebitcoin, chart from TradingView.com