A recent research by ConsenSys and YouGov reveals the behavior, adoption patterns, and hurdles surrounding cryptocurrencies and Web3 technologies in Nigeria and South Africa.
Nigeria:
– 99% awareness of cryptocurrencies
– 73% have purchased cryptocurrencies
– 42% currently own digital assets
– 93% plan to invest in cryptocurrencies in the next 12 months
South Africa:
– 97% awareness of cryptocurrencies
– 68% have purchased cryptocurrencies
– 22% currently own digital assets
– 47% associate cryptocurrencies with “the future of money”
Key Takeaways:
1. Education is critical for building trust and fostering adoption.
2. Regulation can help mitigate concerns about scams and volatility.
3. Localised solutions are key to addressing unique cultural, economic, and social factors.
With BTC, ETH and BNB topping the list of owned assets, both Nigeria and South Africa are well-positioned to harness the transformative power of cryptocurrencies and Web3 with the right investments in education, infrastructure, and regulation.
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