Attitudes Toward Crypto Are Geographically Divided, ConsenSys Survey Finds

[ad_1]

On Tuesday, ConsenSys released a survey in partnership with YouGov, focused on crypto and Web3. The survey results suggest a contrast between countries with developed economies and those with emerging economies.

The survey interviewed more than 15,000 people aged between 18 and 65 from late April to May this year. Respondents were also spread across 15 different countries across Africa, the Americas, Asia and Europe.

A healthy supermajority, 92%, knew about crypto, but that’s where the similarities ended.

Respondents from developing countries were generally more bullish on crypto, while developed countries were decidedly more skeptical.

Nigerians were very keen on owning crypto as a store of value, with 65% of Nigerians feeling that way.

For crypto investors in the US, Germany, and the UK, the reasons for owning digital currencies were a bit different.

Americans, Germans and Brits all said one of their main reasons for investing in crypto was because they were curious and wanted to learn about the industry by experimenting, a ConsenSys spokesperson said. at Blockworks.

And 56% of Argentinians were motivated to own crypto for the same reason. They said they feel their local currency is too unstable. The Argentine peso has hit over 114% inflation, according to the New York Times.

It’s something Circle CEO Jeremy Allaire elaborated on in a recent Bloomberg interview, telling the outlet that he sees huge demand for digital dollars in emerging markets.

Allaire was talking on the news about Circle obtaining a license to offer its stablecoin services in Singapore. He noted that Asia is most in demand for such services, which could partly explain why the survey found that respondents from Asian countries were among the most likely to invest in crypto over the next 12 years. month.

Respondents were also asked which three concepts they most associate with cryptography. With twelve possible responses, 38% said crypto makes them think about the future of money, an alternative to the traditional financial ecosystem, or the future of digital property.

Disaggregated further by nationality, 58% of Nigerians, 50% of South Africans, and 44% of Mexicans believe to some extent that crypto is the future of money.

Among the Germans and the British questioned, less than 20% of them think the same thing.

Similarly with NFTs, which is a way some people try to create value and get paid on the internet, developing countries like Nigeria, South Africa and Vietnam are most familiar with the concept. NFTs.

The most striking comparison on NFTs is between British and Vietnamese respondents. UK residents were not likely to have owned an NFT, with 76% having never purchased one. Only 24% of Vietnamese residents said they never owned an NFT.

However, there was a common thread throughout the investigation. Nigeria is by far the most bullish when it comes to crypto, despite the fact that crypto trading is severely restricted in the country.

A whopping 70% of Nigerian respondents correctly guessed the definition of a blockchain, which ConsenSys defined as a secure, decentralized and transparent digital ledger that records and verifies transactions. Only 36% of Americans and 30% of UK residents deciphered the correct definition.

Additionally, nearly 80% of Nigerians said they understand what crypto is, with only 1 in 3 people having the same level of understanding in Indonesia and Japan.

This aligns with Nigerians having the highest level of crypto ownership, according to the survey. They are blowing the next biggest owners out of the water, which are the South Koreans and South Africans.

Nigeria is also one of the few countries with an active CBDC program, and its citizens have not been very receptive to economic change.

Get the best crypto news and insights delivered to your inbox every night. Subscribe to Blockworks’ free newsletter now.

Want the alpha sent straight to your inbox? Get degen trade insights, governance updates, token performance, can’t-miss tweets and more with Blockworks Researchs daily debrief.

Can’t wait? Receive our news as soon as possible. Join us on Telegram and follow us on Google News.

[ad_2]