Long story short

  • With 92% of global respondents aware of cryptocurrencies, developing countries are optimistic about cryptocurrencies while developed countries are more skeptical.

  • Nigeria is the most bullish country on cryptocurrency, with most people believing it to be the future of currency, and far ahead of other countries in both blockchain understanding and cryptocurrency ownership.

  • Developing countries are also more accepting of NFT than developed countries.

Investigate background

On June 27, 2023, ConsenSys and YouGov jointly released a survey report on cryptocurrency and Web3 awareness. The findings reveal differences between developed and developing countries.

The survey interviewed more than 15,000 respondents aged 18 to 65 between late April and May this year. Respondents were spread across 15 different countries in Africa, America, Asia and Europe.

Acceptance of virtual currencies

92% of respondents said they were aware of cryptocurrencies, which is a fairly high percentage, but it was the only similarity between developed and developing countries in the survey results.

Respondents from developing countries are generally more optimistic about cryptocurrencies, while developed countries are significantly more skeptical.

Nigerians are very keen on owning cryptocurrencies as a store of value, with 65% of Nigerians holding this view.

For cryptocurrency investors in the United States, Germany, and the United Kingdom, the reasons for owning digital currencies are slightly different.

Americans, Germans, and Brits all said that one of the main reasons they invested in cryptocurrencies was because they were “curious” and wanted to educate themselves about the industry by “trying it out.”

And 56% of Argentines have the same motivation for owning cryptocurrencies: they feel their “local currency is too unstable.” Inflation in the Argentine peso has exceeded 114%, according to the New York Times.

Circle’s CEO Jeremy Allaire further elaborated on this in a recent Bloomberg interview, telling the outlet that he sees “significant demand for a digital dollar in emerging markets.” He noted that Asia is the region with the greatest demand for these services, which may partly explain why the survey found that respondents from Asian countries were the most likely to invest in cryptocurrencies in the next 12 months.

Respondents were also asked “What are the three concepts that come to mind when mentioning cryptocurrency?” Out of twelve possible answers, 38% said cryptocurrencies made them think about “the future of money,” “an alternative to the traditional financial ecosystem,” or “the future of digital ownership.”

Broken down further by nationality, 58% of Nigerians, 50% of South Africans and 44% of Mexicans believe cryptocurrencies are the future of money to some extent. Less than 20% of Germans and Britons surveyed said the same.

Acceptance of NFTs

When it comes to NFTs, developing countries like Nigeria, South Africa, and Vietnam are most familiar with the concept of NFTs. Developed countries are different, with the contrast most stark among British and Vietnamese respondents. UK residents are less likely to own NFTs, with 76% of respondents having never purchased an NFT, while only 24% of Vietnamese residents reported they had never owned an NFT.

Nigeria’s special status

There was a common theme in the survey: Nigeria is the most bullish country on cryptocurrencies. Although cryptocurrency trading is severely restricted in the country.

A shocking 70% of Nigerian respondents correctly guessed the definition of blockchain, which ConsenSys defines as “a secure, decentralized and transparent digital ledger that records and verifies transactions.” Only 36% of Americans and 30% of UK residents chose the correct definition.

Additionally, nearly 80% of Nigerians say they understand what cryptocurrencies are, while in Indonesia and Japan, only one-third have the same level of understanding. Nigerians also have the highest virtual currency ownership rate, far exceeding the second-ranked South Koreans and South Africans.

Nigeria is also one of the few countries with an active central bank digital currency (CBDC) program, and its citizens have not been very receptive to this economic change.

The original English text of this article was published on blockworks, with the original title "Attitudes on crypto are geographically divided, ConsenSys survey finds". Organized and translated by CoinDada.