According to a recent joint research conducted by Consensys, a private blockchain software technology firm and YouGov, an online market research opinion polling, majority participants were aware of cryptocurrencies. However among these aware individuals, their views over the asset were varied.
Reportedly the survey was inter continental and was majorly spread across the Americas, Asia, Europe, and Africa. It questioned over 15,000 individuals and revealed that most respondents are aware of cryptocurrencies, with many seeing a bright future for the industry.
Data revealed that over 92% of the participants are aware of cryptocurrencies. Among these, 37% opined that they view the asset class as the future money, whereas 26% are on the opposite corner, viewing it as a scam. The report revealed that residents of the United States and the United Kingdom are more likely to associate digital currencies with fraudulent schemes.
Furthermore, the survey revealed that Nigerians (65%) and Argentines (56%) are most motivated to hold digital assets as a means to store value. Notably, this could be explained and understood by the common grounds shared by both nations when it comes to hyperinflation and currency devaluation.
As per the report, Nigerians are also the most inclined to associate crypto with the future of money. Following them are the South Africans and Mexicans, respectively, at second and third places.
On the other hand, only 15% of Britishers and 17% of Germans agree with that thesis. Additionally, the survey touched upon the environmental impact of cryptocurrencies and the underlying technology. About that, 57% of Brazilians believe it is not harmful, whereas just 25% of the French respondents think the same.
Subsequently, the respondents revealed that Nigeria, South Africa, and Vietnam are the countries most familiar with non-fungible tokens (NFTs). Reportedly, 76% of the Brits who are aware of digital collectibles have never owned any, compared to 24% of Vietnamese.
Overall, the report shared few very positive outlooks for the crypto industry. The rising awareness as well as the interest in cryptocurrencies mark it a win for the sector whereas the hesitancy of larger economies is something to be tackled. The report concluded:
Results reveal that people worldwide are motivated to build and believe they are making valuable contributions online. This evolution indicates a shift in user behavior toward active participation, empowerment, and broader community ownership, characterized by Web3.
Notably, the case of Nigeria and Argentina reminds us of the growing reliability of cryptocurrencies following the instability of their financial system and local currencies. The troublesome economic turbulence witnessed by most specifically the depreciation of their official currencies has been anticipated as a leading pro-crypto factor for Nigerians and Argentines.
The demand for Bitcoin in Argentina has been continuously rising sending the price soaring to 78,63,122.82 Argentine Peso as of writing. With this, the value of Peso continued to fall against the Dollar, worsening the situation followed by the interest rate hike by the central bank. Amidst these, Argentines started hedging with crypto as their economy weakened.
For Nigeria, it has been one of the fastest crypto adopters in the region before the central bank blocked local financial institutions from interacting with crypto services providers. In January, the price of Bitcoin in Nigeria witnessed a tremendous increase as the Central Bank of Nigeria promoted a digitalized cash system.
At one point, 1 Bitcoin on the Nigerian crypto exchange NairaEX was valued at 17.8 million Naira, which translated to a fat $38,792 representing a 60% premium over the market price of Bitcoin, which stood at around $23,700 at the time.
However, while the love for crypto in Argentina and Nigeria hails from economic issues, the overall increasing awareness and rising interest can’t be undermined. Simultaneously, the larger population viewing cryptocurrencies as an asset class signifies their trust. Additionally, the differentiating opinions across the regions also traces the role of regulation in shaping these opinion.