99% Of Nigerians Are Crypto Aware, 90% Ready To Invest: ConsenSys Report

A recent global survey indicates that Nigerians are more knowledgeable about crypto than people in major economies like the United States, United Kingdom, Germany, and Japan. According to a report by ConsenSys and YouGov, 99% of Nigerians are fully aware of the asset class, while 70% understand the fundamentals, operations, and value of blockchain technology.

In the survey, 15,158 individuals aged 18 to 65 from 15 countries participated online. It was conducted from April 26 to May 18 this year. 

90% of 1001 Nigerian respondents showed their willingness to invest in crypto next year, as per data. 65% of the participants believe cryptocurrency can protect them from monetary devaluation and hyperinflation. In terms of regulation, nearly 50% of participants want the government to provide clarity in the industry and protect investors.

Interestingly, 76% of Nigerian participants own or previously held popular crypto assets such as Ethereum, USD Tether, Bitcoin, Litecoin, and others. Globally, adoption and awareness of cryptocurrencies have grown over the past 12 months. Additionally, 6 out of 10 people in Nigeria are aware of the incidents of bankruptcy of crypto platforms.

In a survey, 89% of the respondents said bankruptcies impacted people’s trust. However, a majority of them said this impact was only ‘moderate.’ According to Nigerians, improving security, accountability, and transparency are the best ways to restore confidence in the crypto industry.

While 70% of Nigerians were crypto-savvy, South Korea recorded 63% and South Africa 61%. India and Brazil recorded 56% and 59% respectively. 

Increased Adoption Despite Failures Of Crypto Giants

The survey shows people are positive about digital assets and related technologies, even in tough market conditions. Despite the Terra network and FTX failures last year, only 8% of respondents saw cryptocurrency as related to scams. Notably, this failure wiped billions of dollars off the market capitalization. 31% of them consider cryptocurrency as an alternative to traditional finance.

In the US, more than 50% of the population understands virtual assets, and a comparable percentage has previously owned such assets. Additionally, 43% of individuals are planning to invest in the market over the next 12 months.

In Germany, statistics show a slightly lower level of awareness in this area, with only 40% of the population having clear knowledge of it. Of these, 14% have been previous owners of digital assets, while 16% currently own cryptocurrencies.