Survey: Nigerians more aware of cryptocurrencies than Americans

99% of Nigerians are aware of the existence of digital assets — the African nation has surpassed the United States, with a 95% rate. The finding comes from a study by ConsenSys.

The survey was conducted among 15,158 people across 15 countries, aged 18 to 65. Globally, 92% of people worldwide understand cryptocurrencies.

Among Nigerian respondents, 70% said they understand fundamental blockchain concepts. They are followed by citizens of South Korea (63%), South Africa (61%), Brazil (59%) and India (56%).

Among the 1,001 Nigerians surveyed, 76% own or have previously held cryptocurrencies. The most popular coins among locals are Bitcoin, Ethereum, Binance Coin and Dogecoin.

Sixty-five percent of Nigerians and 56% of Argentines said that instability of their national currencies prompted them to buy digital assets.

Fifty percent of respondents overall said regulators should enact laws that encourage participation in the crypto market and protect investors.

Experts noted that in Europe and the United States the level of awareness of these technologies is much lower than in African countries. Meanwhile, only about half of American respondents use digital assets.

Earlier, a Pew Research Center study showed that two-thirds of Americans are distrustful of cryptocurrencies due to the banking crisis and regulatory issues.

According to a Goldman Sachs survey, in 2023 the share of family offices potentially interested in digital assets fell from 45% to 12%.