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92% of Global Respondents Have Basic Knowledge of Crypto: Survey

source-logo  cryptopotato.com 02 July 2023 22:46, UTC

A joint research conducted by Consensys and YouGov estimated that 92% of the participants are aware of cryptocurrencies. 37% see the asset class as the future money, whereas 26% are on the opposite corner, viewing it as a scam.

Residents of the United States and the United Kingdom are more likely to associate digital currencies with fraudulent schemes.

The Sentiment Toward Crypto and NFTs

The survey, which spread across the Americas, Asia, Europe, and Africa and questioned over 15,000 individuals, showed that most respondents are aware of cryptocurrencies, with many seeing a bright future for the industry.

Nearly 40% of the participants believe the asset class could emerge as the future of money, while 31% see it as the future of digital ownership. Every fourth gives the sector the evil eye, comparing it to a scam.

Nigerians (65%) and Argentines (56%) are most motivated to hold digital assets as a means to store value. This could be explained by the instability of their financial system and local currencies.

Nigerians are also the most inclined to associate crypto with the future of money. South Africans and Mexicans are, respectively, second and third. On the other hand, only 15% of Brits and 17% of Germans agree with that thesis.

The survey touched upon the environmental impact which the technology has on the planet. 57% of Brazilians believe it is not harmful, whereas just 25% of the French respondents think the same.

Subsequently, the analysis revealed that Nigeria, South Africa, and Vietnam are the countries most familiar with non-fungible tokens (NFTs). 76% of the Brits who are aware of digital collectibles have never owned any, compared to 24% of Vietnamese.

“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,” Consensys and YouGov concluded.

A Closer Look at Nigeria and Argentina

The economic turbulence, most specifically the depreciation of their official currencies, could be a leading pro-crypto factor for Nigerians and Argentines.

As CryptoPotato reported last summer, some residents of the African country started looking for alternative investments such as bitcoin and stablecoins amid a severe crash of the naira.

For their part, Argentines have opened their arms toward the asset class due to the nation’s political chaos and financial disturbance. The price of USDT measured in Argentine peso soared on multiple exchanges in 2022 when Martin Guzman resigned as a Minister of Economy.