Nigeria tops global crypto data with 99% awareness – ConsenSys report

A recent survey shows Nigeria as the most crypto-savvy nation ahead of the United States and European countries.

According to a new report from YouGov and ConsenSys, Nigeria’s crypto awareness stands at 99 per cent as the country leads in digital asset knowledge and perceived investment drive.

15,158 survey participants aged 18- 65 were polled from 15 countries to determine the global acceptance of Web3 and how its utility and “technicalities” have been broken down to give a clearer insight into the future.

Per the data, 99 per cent were fully aware of cryptocurrencies while 70 per cent understood the value, operations, and fundamentals of blockchain technology.

Nigerian participants (1,001) also view digital asset investments as viable with 90 per cent considering such investments over the next 12 months despite the country’s top bank’s uncertain crypto stance.

The majority of Nigerians have turned to cryptocurrency as a hedge against inflation in recent years after a poor performance of the naira coupled with double-digit inflation.

65 per cent of participants viewed virtual currencies like Bitcoin (BTC) and stablecoins as tools against a weakening local currency. On regulation, 50 per cent of participants want the government to provide clarity in the industry with new rules amongst others while 40 per cent called for more laws to protect investors.

On ownership, 76 per cent of Nigeria participants own or previously held top assets like Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT), Litecoin (LTC), etc.