Cryptocurrency ownership is increasing in many countries, especially in emerging markets, but concerns about scams and market volatility remain major barriers.
A global survey by Consensys conducted from February to May 2024 shows that the rate of cryptocurrency ownership is increasing worldwide, especially in emerging markets. However, negative perceptions of cryptocurrency, primarily related to the risks of scams and speculation, remain a significant challenge for the industry's development.
The survey, which included 18,652 participants aged 18 to 65 from 19 countries including Argentina, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Nigeria, South Africa, South Korea, Turkey, the Philippines, the UK, the US, and Vietnam, painted a comprehensive picture of cryptocurrency ownership and perception worldwide.
The results show that emerging markets are leading in cryptocurrency adoption rates. Nigeria (84%), South Africa (66%), Vietnam (60%), the Philippines (54%), and India (50%) are countries with the highest rates of people owning cryptocurrency wallets. Turkey and the US also report significant ownership rates, at 44% and 43%, respectively. In contrast, ownership rates are significantly lower in developed countries such as Japan, Argentina, Canada, France, Italy, and the UK, with less than one-third of respondents having ever purchased digital assets.
Challenges from negative perception
Despite the increasing rate of cryptocurrency ownership, the report also shows the existence of significant barriers to wider adoption. One of the main barriers is the negative perception of cryptocurrency, especially in European countries. People in France, Germany, and Italy often associate cryptocurrency with speculation, while in France, the UK, and Italy, concerns about scams and phishing attacks dominate.
Top barriers to entering the cryptocurrency market. Source: Consensys
In the US, although 29% of survey participants view cryptocurrency as an alternative to the traditional financial system, this figure is still lower than the percentage of those linking cryptocurrency to 'scams and phishing' (34%).
This difference in perception is also reflected in the intention to invest in cryptocurrency in the next 12 months. Asia and Africa show higher levels of investment interest, while a large portion of people in Europe, Canada, South Korea, and Japan show no intention to participate in this market. The US, Turkey, and some Latin American countries exhibit moderate levels of interest.
In addition, the survey also found significant differences in the perception of cryptocurrency among age and gender groups. Men aged 25 to 44 tend to have a clearer understanding of cryptocurrency technology compared to women and those over 45. This trend is quite common across most surveyed countries and has not changed much compared to last year.
Although blockchain technology is increasingly associated with 'the future of currency', concerns about risks and lack of understanding remain major challenges that need to be addressed to promote the sustainable development of the cryptocurrency market.
