Are Nigerians The Most Bullish On Crypto?

By B18 | B18CCS | 10 Jul 2023

While lying on the couch watching the rain clouds roll in, contemplating whether to go to the beach or not. Began reading @Markhelfman "Crypto is Easy" Weekly Rundown newsletter.

There was a section entitled "Attitudes on crypto geographically divided", with a link to the Blockworks article that discussed a survey that was published by ConsenSys in June 2023.

Global Survey

ConsenSys in conjunction with YouGov surveyed 15,000 people, ages from 18 to 65. The survey was titled Web3 and crypto global survey 2023 and covered 15 countries the 4 continents, Africa, Asia, Europe and the Americas. The survey was conducted in 9 different languages.

Brasil 🇧🇷
Argentina 🇦🇷
Mexico 🇲🇽
France 🇫🇷
Germany 🇩🇪
United Kingdom 🇬🇧
Philippines 🇵🇭
Vietnam 🇻🇳
India 🇮🇳
Indonesia 🇮🇩
Japan 🇯🇵
South Korea 🇰🇷
Nigeria 🇳🇬
South Africa 🇿🇦
USA 🇺🇸

Did You Know?

Only 1 in 5 respondents in Japan heard about the recent bankruptcies of centralised cryptocurrency companies.
Half of respondents in the US, India, and Nigeria are aware of the concept of web3.
56% of respondents in Argentina were motivated to own crypto “To store value because my local currency is too unstable,” the highest globally.
31% of respondents globally chose “future of digital ownership” as a top association with cryptocurrency, yet only 1% of respondents globally chose “art” as a top association.
Men aged between 25-34 y.o. are the socio-demographic segments with a better understanding of cryptocurrencies, while women and older respondents tend to have less knowledge.
Respondents in Japan are the least likely to think that data privacy is important.

How Does The Nigerians Stack Up Globally?

How likely are you to invest in cryptocurrencies over the next 12 months?

Nigeria 🇳🇬 90%
South Africa 🇿🇦 78%
Philippines 🇵🇭 57%
Vietnam 🇻🇳 57%
Indonesia 🇮🇩 56%
India 🇮🇳 53%

Have you ever heard about cryptocurrencies (also known as crypto) and also understand what they are?

Nigeria 🇳🇬 78%
South Korea 63%
South Africa 🇿🇦 61%
Brasil 🇧🇷 59%
India 🇮🇳 56%

What is the correct definition of a blockchain? (correct answer was "a secure decentralized and transparent ledger that records and verifies transactions")

Nigeria 🇳🇬 70%
USA 🇺🇸 36%
United Kingdom 🇬🇧 30%

How familiar are you with the concept of a Non-Fungible Token (NFT)?

Nigeria 🇳🇬 58%
Germany 🇩🇪 32%
France 🇫🇷 28%

For more Crypto stats, suggest taking a look at the full Web3 and crypto global survey 2023 . Makes some interesting reading.

Conclusions

People in non-Western countries have far more positive feelings about crypto than people in the US and UK. Makes sense. Crypto solves problems that Western nations don't have. It's technology for the 80% of humans who can't access the legacy financial system. More evidencethat the US is less relevant for crypto now than it's been in a long time

@MarkHelfman

The results of the survey have revealed a promising shift in the prevailing attitudes towards a vision of the internet that grants individuals greater control over their shared online data and ensures fairer distribution of profits among creators. However, despite this positive trend, there remains a significant gap between awareness of cryptocurrencies and a practical understanding and utilization of web3 technologies. This disparity presents a valuable opportunity for mainstream web3 applications to bridge the agency gap that currently exists in today's internet landscape, characterised by limited privacy, control, and ownership.

@ConsenSys

However, there was one common thread throughout the survey. Nigeria is by far and away the most bullish on crypto, despite the fact that Crypto trading is severely limited in the country. Nigeria is also one of the few countries with an active CBDC program, and it's citizens haven't been very receptive to the economic change.

@Blockworks

The sun is now shining and I am off to the beach.

The END

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