Nigeria Leads the Way: ConsenSys Study Shows 92% Global Cryptocurrency Recognition Rate

There is no doubt that cryptocurrencies are now widely accepted. Cryptocurrencies are now an important part of the global conversation; whether it's investors trading cryptocurrencies, businesses accepting cryptocurrencies as a form of payment, or just reports about the latest surge or crash in the cryptocurrency market. Now, 92% of the world’s population is aware of cryptocurrencies like Bitcoin, according to a new survey by ConsenSys.

High acceptance of cryptocurrencies in developing regions

According to a recent poll conducted by private blockchain software companies ConsenSys and YouGov, 92% of the world’s population understands cryptocurrencies. The report surveyed more than 15,158 people with an average age of 18 from 15 countries.

However, while awareness of cryptocurrencies is high, understanding is low. A total of 92% of respondents have heard of cryptocurrencies, but only 8% can confidently say that they are familiar with the general concept of Web3.

Interestingly, developing regions of the world actually show the strongest recognition and interest in cryptocurrencies. Nigeria, South Africa, and Brazil lead the way in terms of cryptocurrency awareness, with 99% of Nigerian respondents showing awareness of cryptocurrency and more than 70% of respondents correctly guessing the definition of blockchain.

While the developed world debates cryptocurrency regulation, developing regions appear to be more open to innovation. Cryptocurrencies such as bitcoin and ethereum help address the inherent risks faced by many in developing countries of high inflation from currency instability and a lack of financial infrastructure for the flow of funds.

This is in stark contrast to the greater distrust of cryptocurrencies exhibited by European countries as well as Asian countries such as Japan and South Korea. In Japan and Indonesia, only a third of respondents claimed to know what cryptocurrencies are.

Total market cap recovers as Bitcoin rebounds | Source: Total Crypto Market Cap on TradingView.com

Only 8% of respondents are very familiar with the concept of Web3

In a country like Argentina, whose currency has experienced significant depreciation and instability in recent years, 56% of respondents indicated a higher likelihood of owning a cryptocurrency as a store of value.

While cryptocurrencies and blockchain have gained mainstream awareness, most people still have a lot to learn about the future of the decentralized internet web3. 36% and 34% of respondents are familiar with Metaverse and NFTs, but only 24% are aware of Web3, and only 8% said they are "very familiar" with the concept.

As web3 projects emerge and gain traction, cryptocurrency literacy rates should rise. ConsenSys predicts that a broader understanding will be gained through a more practical understanding and utilization of web3 technologies.