- Emerging markets show a significantly higher interest in cryptocurrency investment compared to developed nations.
- Over 93% of global respondents are aware of cryptocurrencies, with 42% already owning them.
- Concerns about data privacy, AI misuse, and the traditional financial system drive crypto interest globally.
Emerging markets are at the forefront of cryptocurrency adoption, with Nigeria leading the charge as 93% of its population expresses interest in investing within the next year.
Following closely behind is South Africa at 77%, while the Philippines, India, and Indonesia post investment willingness at 59%, 58%, and 54%, respectively. Relatively, developed nations such as the UK and US lag way behind at 15% and 41%, respectively.
These insights come from ConsenSys’ second global survey about crypto and web3 trends, conducted by YouGov. For the first time, this year’s study increased its scope, with over 18,000 respondents across 18 countries to provide insight into critical views on data privacy, AI risks, and new roles of decentralization in full swing.
Data Privacy and AI Concerns
The survey shows that the demand for data autonomy is on the rise: while 83% of respondents consider privacy a key factor, only 46% trust their internet service providers. What is more, 78% want more control over their online identities and fair compensation for the data they contribute.
Equally important, AI-related risks, above all those related to misinformation, have become widespread. More than 75% worry about AI-generated fake content, especially in Nigeria and South Africa. Blockchain is also perceived as one possible remedy; for example, 54% of global respondents think it may be used to mitigate these risks.
Crypto Awareness and Ownership
Global awareness of digital currency is outstanding at 93%, with a full 42% of all respondents having ever owned digital assets. Ownership is highest in Nigeria at 73%, South Africa at 68%, and the Philippines at 54%. Rather surprisingly, crypto owners appear more optimistic about the traditional financial system than non-crypto owners, which might be seen as a case of familiarity breeding optimism.
Barriers to entry persist; the leading concerns mentioned being market volatility at 20% and scamming at 17%. But this has not changed the overall perception of digital currency as being “the future of money,” at least in emerging markets.
Shifting from Users to Owners
Consensys believes the crypto ecosystem has shifted from being about users to being about owners. In this way, through web3 activities like staking or NFT engagement, active contributors develop ownership and change the dynamics of online interactions.
The most critical factor underlying this global survey is that digital currency, blockchain, and web3 hold immense promise in furthering financial and social inclusion. Yet, narrowing the gap in education stands tall as an imperative necessary for a level playing field to be reached across wide and diverse regions.
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