A recent #Web3Eco survey by Consensys in collaboration with YouGov has revealed significant trends in cryptocurrency adoption across emerging markets. Key findings include:
Nigeria is leading the way in cryptocurrency adoption, with 93% of respondents likely to invest in the next 12 months, followed by South Africa (77%), Philippines (59%), India (58%), and Indonesia (54%).
In contrast, adoption is lower in Western markets such as Europe, Canada, and Japan. The #UK has the lowest adoption rate at 15%, with the US at 41%, positioned between Brazil (43%) and Argentina (39%).
Key Barriers to Investment:
Concerns: Issues such as volatility, scams, and a lack of foundational knowledge about blockchain technology are common obstacles.
Understanding Blockchain: Many individuals either don’t understand blockchain or find it too complex, viewing cryptocurrency as suitable mainly for tech-savvy individuals.
Banking System Views: While 47% of respondents believe the current banking system works well, many also see room for improvement, with 18% calling for a complete overhaul.
This survey highlights a growing interest in cryptocurrency, especially in emerging markets, while also revealing the knowledge gaps and trust issues in more developed regions.
