Good day everyone,
I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. In this post I will be looking at how a recent survey has resulted in Nigeria being the most crypto aware nation, with an awareness of 99%.
YouGov and ConsenSys Survey
A survey was conducted by YouGov and ConsenSys regarding digital asset knowledge and perceived investment drive. The survey involved participants aged 18- 65 and were polled from 15 different countries. As part of the survey they level of global acceptance of Web3, along with how its utility and technology can be used in the future, was quizzed. The 15,158 survey participants came back with mixed results, but there was one nation where the knowledge of crypto and Web3 was miles ahead of the rest.
Nigeria came out on top with a level of 99% awareness, putting them ahead of the likes of the United States and European countries. There were 1,001 participants from Nigeria in total, and their understanding of cryptocurrencies lay at 99%. Around 70% understood the value, operations, and fundamentals of blockchain technology and cryptocurrencies.
The participants from Nigeria also viewed digital assets as viable investments, with 90% considering making such an investment over the next 12 months. This comes despite the country’s top bank's stance remaining uncertain crypto. Many Nigerians see crypto as a hedge against inflation, especially against the poor performance of the naira. There has also been double digit inflation in the nation.
Of the respondents, 65% viewed virtual currencies like Bitcoin (BTC) and stablecoins as tools against their weak local currency. A figure of 50% want the government to provide clarity in the industry with rules, while 40% are in favour of more laws to protect investors.
In terms of crypto ownership, about 76% of Nigerians take part in owning, or have previously held, Bitcoin, Ethereum, USDT, and Litecoin.
At a global level, crypto awareness and adoption has grown over the past 12 months. With 78% of Nigerians showing they are blockchain-savvy, other nations also ranked high on the list. South Korea indicated 63% with South Africa at 61%. Brazil and India recorded 59% and 56% respectively.
Market Conditions Not Impacting Adoption
While the survey indicates a positive perception of the digital asset market and related technologies, it is important to take into consideration the harsh conditions of the current market. Although the market has crashed heavily from its all time highs in late 2021, most notably during the bankruptcy of FTX and the Terra crash in 2022, only 8% of respondents viewed cryptocurrencies as related to scams. Another 31% believe that cryptocurrency will be the future of money and an alternative to traditional finance. Just over 50% of the respondents also felt that the recent bankruptcy declarations has not impacted their overall trust in the sector, and instead believe they were market induced decisions.
In terms of having a clear understanding of digital assets, the United States came in at over 50% in this area. A similar number own or have owned digital assets in the past, while another 43% plan on investing in the industry over the next 12 months. In Germany the figures are slightly lower, with around 40% having explicit knowledge of the sector. Only 14% claim to have previously owned digital assets, while 16% claim to currently own some form of digital asset.
In contrast to these Western Nation, Nigeria has extremely high numbers. These come against the harsh positions from their government in relation to digital assets, and the uncertainty of their regulatory framework. Back in 2021 the Central Government of Nigeria outlawed investing in digital assets, claiming they did so as investor protection concerns. They also referred to the previous regime who floated their own Central Bank Digital Currency (CBDC), the enaira. There have been softening stances though, with a recent amendment of the Financial Act (2023) meaning that virtual currencies are now recognised as a taxable asset class. This has led to further speculation of a potential change in regulatory approach.
Have a great day.
Peace. CryptoGod-1.
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