According to the latest research, about 92% of people worldwide are aware of cryptocurrencies, but only approximately 8% of the world’s population is familiar with Web3 technologies. However, the majority of those surveyed support blockchain adoption and appreciate its potential.
Consensys analysts together with YouGov conducted a study of the adoption level of crypto and Web3 initiatives in different countries around the world, discovering that about 92% of respondents are aware of digital assets.
However, the report notes that familiarity with the concept of cryptocurrencies and their understanding are at different levels. For example, only around half of respondents genuinely grasp the mechanisms and value of the digital asset market. This level of awareness is highest in Nigeria (78%), South Korea (63%), South Africa (61%), Brazil (59%), and India (56%), while the lowest level was found among citizens of Indonesia and Japan, where only every third person can explain the meaning of cryptocurrency.
Despite the high global awareness of cryptocurrencies, only 8% of survey participants expressed confidence in understanding what Web3 technologies are. About one-third of all respondents were able to choose the correct definition of blockchain. Remarkably, about 70% of them were from Nigeria.
Even though the level of Web3 awareness was quite low, most respondents highly praised its potential as a solution to data privacy, digital identity, and ownership issues.
According to the survey results, enthusiastic attitudes towards cryptocurrencies aren’t evenly distributed around the world. For instance, in some regions, digital assets are viewed with caution despite fairly high levels of adoption (like in the U.S. and Europe). On the other hand, regions facing economic hardship, such as Africa and Southeast Asia, consider cryptocurrency a hedge against financial instability.
The global leader in terms of crypto adoption, the survey found, was Nigeria — 99% of local respondents are well aware of digital assets, and 65% of them see cryptocurrencies as a protection against hyperinflation. Nigerian respondents also expressed high confidence in the potential of digital assets — 90% intend to invest in cryptocurrencies in the next 12 months. Meanwhile, concerns about speculation and fraud in the crypto market were relatively low at 9% and 6%, respectively.
As for other countries and regions, crypto awareness is quite high, but not homogeneous. For instance, in the U.S., about 50% of respondents said they understood the meaning of cryptocurrencies, while 42% had heard of them but didn’t have a clear understanding. The situation is also similar in Germany — almost 90% of people have heard of cryptocurrencies, but only 40% understand their value.
The study was conducted between April 26 and May 18, 2023. It involved 15,158 people aged 18 to 65 years from 15 countries around the world.
The level of crypto adoption declined significantly last year amid a prolonged crypto winter.
