‘Crypto is becoming mainstream’ is a common assertion made by fin-tech proponents. The infamous bankruptcies of top firms in the industry in 2022 managed to garner the attention of people even in the traditional finance space. But do people really understand crypto and its underlying blockchain technology? In this article, we will delve into the results of a recent ConsenSys survey to understand the mass awareness related to crypto.
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Crypto Awareness Highest in Nigeria
In general, there is a ”very high” level of awareness about crypto assets. Around 92% of respondents globally have heard about digital currencies. However, when it comes to the proportion of people who understand it, the number is significantly lower. ConsenSys’ survey pointed out that only 50% of respondents said that they had heard about crypto and also understood what it was.
Crypto awareness was highest in Nigeria, with 99% of males and 100% of females claiming that they had heard of this asset class. In fact, 78% of them affirmed that they were aware of how crypto functions. When it comes to investing in crypto, only 5% of the population is willing to do so. 57% of them claimed that they will ”definitely” invest in crypto over the next 12 months, while 33% of them asserted that they will ”probably” invest.
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Diversifying the portfolio was the top reason why Nigerians bought crypto. The instability of the local currency, the Nigerian Naira, was the next reason why citizens from this region found solace in crypto. The people who bought crypto in the past or currently own them revealed that Bitcoin, Ethereum, Binance Coin, Dogecoin, Tether, and Shiba Inu were the top-invested assets.
Furthermore, 6 out of 10 people in Nigeria heard about the bankruptcies of centralized crypto companies in 2022. 89% of the population believed that bankruptcies had an impact on people’s trust; nevertheless, a majority of them said that this impact was only ‘moderate.’ Improving security, transparency, and accountability were the best ways to restore confidence in the crypto sector, according to Nigerians.
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