Consensys Web3 Survey: Cryptocurrency has a high penetration rate in emerging markets, with Nigeria leading the way

ChainCatcher news, Consensys has released the latest Web3 survey conducted in collaboration with YouGov. The survey further confirms the high penetration of cryptocurrency in emerging markets, with Nigeria standing out, followed closely by South Africa. The five jurisdictions most likely to invest in cryptocurrency in the next 12 months are Nigeria (93%), South Africa (77%), the Philippines (59%), India (58%), and Indonesia (54%). The least likely to purchase are Europeans, Canadians, and Japanese. UK respondents scored the lowest (15%), while the US was at 41%, situated between Brazil (43%) and Argentina (39%).

As for the main factors hindering investment, they include volatility, scams, and the lack of basic knowledge to enter the market. A considerable number of people do not understand the purpose of blockchain or find it too complex, thus believing that this investment is only suitable for those who are tech-savvy. Additionally, 47% of respondents stated that the current banking system works well but still has room for improvement. However, 18% believe a complete overhaul is necessary, while 19% think the status quo is sufficient.