Emerging markets lead the way in blockchain adoption, while many nations in Europe, east Asia and the Americas are more skeptical, according to a new survey by Consensys and YouGov.

According to the survey findings, over half the population in:

  • Nigeria (84%)

  • South Africa (66%)

  • Vietnam (60%)

  • The Philippines (54%), and

  • India (50%)

report owning a crypto wallet in 2024.

  • Wallet ownership in the Americas is highest in the U.S at 43%, while

  • Turkey leads European countries surveyed at 44%

Globally, approximately 40% of respondents surveyed currently own or have previously purchased cryptocurrencies. Ownership or past purchase rates are highest in countries like:

  • Nigeria (73%)

  • South Africa (68%)

  • The Philippines (54%)

  • Vietnam (54%), and

  • India (52%)

In contrast, fewer than one-third of respondents in:

  • Japan

  • Argentina

  • Canada

  • France

  • Italy, and

  • The UK

have ever owned or bought cryptocurrencies.

Since the 2023 edition of the report, cryptocurrency ownership has increased notably in several countries, including:

  • The Philippines (+7 points)

  • Mexico (+8)

  • Germany (+5)

  • South Africa (+7), and

  • Japan (+4)

Meanwhile, the intention to invest in cryptocurrencies remains strong, with:

  • 87% in Africa, and

  • 51% in most Asian

countries expressing interest.

 

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Zoom in: Nigeria:

/ Crypto is a mainstream phenomenon in Nigeria

  • 99 percent have heard about cryptocurrencies

  • 77 percent understand crypto

  • 84 percent have at least one crypto wallet

  • 94 percent of those aware of NFTs plan to acquire them in the next 12 months

/ Data privacy is important to 92 percent of Nigerians and 87 percent would like to have more control over their identity on the Internet

/ Over half think that decentralization could improve traditional banking and social media platforms

/ 56 percent of those aware of web3 used a web3 wallet in the past year (up 16 points over 2023 data) and 34 percent played blockchain based games (+7)

______________

 

There is also a significant increase in plans to invest among those who have heard about cryptocurrencies in more crypto-skeptic countries like:

  • France (+6), and

  • Germany (+10)

The use of stablecoins Tether (USDT) and USDC has increased globally, with USDT rising by 1 point and USDC by 2 points. This growth is particularly notable in:

  • Argentina (USDT +8, USDC +2)

  • India (USDT +6, USDC +9)

  • Nigeria (USDT +1, USDC +6)

  • South Africa (USDT unchanged, USDC +4), and

  • The UK (USDT +7, USDC +2)

Market volatility and the prevalence of scams continue to be major obstacles to entering the cryptocurrency space. Although the perception of market volatility has decreased significantly this year [2024], concerns remain high in countries such as Japan, South Korea, Turkey, and Italy.

Meanwhile, respondents in the UK, the Philippines, and Canada are particularly worried about scams.

 

“YouGov interviewed 18,652 people aged 18 to 65 across Argentina, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Nigeria, South Africa, South Korea, Turkey, the Philippines, the U.K, the U.S and Vietnam.

The survey consisted of 35 questions posed to a representative sample of each country’s population between February 23rd and
 May 2nd, 2024,” said the report.

 

 

Click here to read the full report.

 

 

 

 

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