According to the Consensys report (2024 Global Cryptocurrency and Web3 Survey), emerging markets are leading the adoption of cryptocurrency worldwide, with countries like Nigeria, South Africa, and the Philippines showing significant growth in cryptocurrency awareness, ownership, and participation in related activities.
According to the Consensys survey, 93% of people globally have some understanding of cryptocurrency, with 51% indicating they understand it and 42% owning crypto assets. Nigeria has the highest ownership rate (73%), followed by South Africa (68%) and the Philippines (54%), all of which are also active in Web3 activities such as NFTs, decentralized finance (DeFi), and cryptocurrency staking.
The reasons locals embrace cryptocurrency are primarily economic hardships; for instance, 65% of respondents in Nigeria see it as a store of value against currency devaluation, while 58% believe cryptocurrency is the currency of the future. Despite the higher acceptance of cryptocurrency in emerging markets, challenges such as market volatility, scams, and lack of awareness persist. However, users in these regions are still willing to overcome challenges to combat local economic difficulties.
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"MICA Daily | Consensys Report: Emerging Markets Drive Cryptocurrency Growth" was first published on Block.