Nigeria tops the globe in cryptocurrency ownership, according to ConsenSys’ second annual Global Survey.
According to the survey, the global adoption of cryptocurrencies is being driven by emerging markets such as South Africa and Nigeria.
Nigeria (73%), South Africa (68%), and the Philippines (54%), have the greatest ownership percentages.
When it comes to awareness, ownership, and involvement with cryptocurrencies, these nations are leading the way.
93% of respondents globally are aware of cryptocurrency assets, and 51% of respondents claim to understand them, according to the survey.
These nations have also demonstrated a keen interest in Web3 activities including holding NFTs, staking, and using decentralised finance (DeFi).
Seventy-seven percent of Nigerian respondents properly defined blockchain, while 80 percent were aware of decentralisation. Furthermore, compared to 61% of respondents from the Philippines, 74% of South African respondents claimed to be familiar with the idea.
Despite the growing interest in cryptocurrencies in these areas, the poll also identifies persistent barriers to entrance. All throughout the world, people are worried about scams, market instability, and a lack of knowledge about its function.
Despite these challenges and obstacles, respondents from emerging nations have indicated a willingness to accept virtual currencies.
Blockchain may be essential in addressing the concerns raised by 75% of respondents regarding artificial intelligence’s (AI) propensity to propagate fraud and produce fake news.
Approximately 54% of participants globally believe that blockchain could provide the accountability and transparency needed to combat AI-driven misinformation.
Speaking on the survey’s results about the increasing importance of data privacy, Joseph Lubin, the CEO of ConsenSys and co-founder of Ethereum, said: “It is impossible to overestimate the crucial role that blockchain technology and decentralization play in improving privacy, trust, and transparency in the way our data is handled.”
“The adoption of Web3, blockchain, and cryptocurrency has accelerated recently, with 2024 being a key year.”
He explained that the recent U.S. presidential election may lead to more open regulations for the industry, which is one factor contributing to this rise.
Nigeria: Leading the Global Crypto Revolution
Nigerians have turned to the digital realm in search of a living while the real economy suffers with high young unemployment and stratospheric food inflation.
- Nigeria is second in the world for cryptocurrency adoption, behind India, with an estimated 33% of Nigerians currently investing in cryptocurrencies, according to Chainalysis, a New York-based business that monitors blockchain use.
- To send money to their relatives back home without the inconveniences and astronomical costs of traditional remittance procedures, Nigerians who live outside utilise cryptocurrency assets.
- However, the popularity of cryptocurrencies, which are by their very nature international, has worried Nigerian policymakers. They contend that rather than helping Nigerians, the country’s shift to cryptocurrency has made it harder to regulate and hurt the already faltering naira.
The administration of President Tinubu has continued to employ a carrot-and-stick strategy in spite of these challenges. At least three well-known cryptocurrency companies have withdrawn from the Nigerian market this year, despite the Nigerian SEC having the ability to supervise a small number of regional exchanges.
Bitcoin’s Upsurge
- On Monday morning, as investors awaited a rate decrease by the Federal Reserve later this week, Bitcoin soared to a new all-time high, hitting $106K.
- Bitcoin has gained 145% so far this year, up 50% since the U.S. elections and nearly 8% in the month following Trump’s win.
- Under the upcoming Donald Trump administration, digital assets continue to gain from the possibility of a more favourable regulatory environment and the possible establishment of a national strategic bitcoin reserve.
