Nigerians Are Familiar with Crypto: Survey

A ConsenSys study has established that Nigeria now holds the highest awareness of digital assets with 95%, taking over from the United States which was previously on top.

This study was conducted among 15,158 people out of 15 countries aged between 18 and 65. Worldwide, 92% of people understand cryptocurrencies.

Nigerian respondents (70%) indicated they understood the basic principles of blockchain, followed by South Koreans (63%), South Africans (61%), Brazilians (59%) and Indians (56%).

From the 1,001 Nigerians surveyed, 76% revealed they currently own or have owned cryptocurrency. Bitcoin, Ethereum, Binance Coin and Dogecoin are the most well-known and used coins amongst locals. In terms of unstable local currencies, 65% of Nigerians and 56% of Argentines responded positively to buying digital assets as a result.

Lastly, a majority of the global respondents revealed they believed that regulations should be put in place to promote the crypto market and protect investors.

Comparably, countries such as the United States and Europe have a much lower percentage of technology awareness compared to African countries.

Even so, only half of the Americans surveyed use digital assets and a Pew Research Center study from April revealed that two-thirds of the US population do not trust cryptocurrencies due to banking crisis