(Ecofin Company) – Whereas cryptocurrencies are sometimes used as a defend in opposition to inflation, they’re seen extra positively in creating nations than in developed ones. Nonetheless, market volatility and the prevalence of scams stay the primary obstacles to wider adoption of those digital property.
Nigeria and South Africa have the highest charges of cryptocurrency possession in the world in 2024, in response to a report launched on December 10 by ConsenSys, a blockchain software program improvement firm, in collaboration with the analysis and information evaluation agency YouGov.
Titled “World Survey on Crypto and Web3 2024,” the report is predicated on a survey of over 18,000 folks aged 18 to 65 throughout 18 markets in Africa, Asia, the Americas, and Europe—areas recognized for prime adoption charges of cryptocurrencies.
Nigeria ranks first, with 73% of the surveyed inhabitants proudly owning or having beforehand bought cryptocurrencies. South Africa comes second, with 68% of residents at the moment holding or having purchased digital currencies. The Philippines (54%), Vietnam (54%), and India (52%) full the high 5. In distinction, fewer than one in three respondents in Japan, Argentina, Canada, France, and Italy reported proudly owning or having beforehand invested in cryptocurrencies.
Throughout the 18 markets studied, the common possession fee stands at 42%.
Constructive Outlook in Africa and Asia
The report highlights that respondents in Africa and Asia usually tend to say they are going to positively or in all probability make investments in crypto property over the subsequent 12 months. In Nigeria, 93% of individuals expressed curiosity in investing, adopted by South Africa (77%), the Philippines (59%), India (58%), Indonesia (54%), and Vietnam (50%).
This development is in sharp distinction to nations like France, Germany, Canada, South Korea, and Japan, the place the majority of respondents stated they’re unlikely or sure to not make investments in cryptocurrencies. Respondents in Turkey, the United States, and Latin American nations (Argentina, Brazil, and Mexico) fall someplace in the center of those two tendencies.
The notion of cryptocurrencies is usually extra constructive in creating nations, the place digital currencies are sometimes used as a solution to retailer worth and shield in opposition to inflation. For instance, 58% of Nigerians, 47% of South Africans, and 45% of Filipinos view cryptocurrencies as “the future of cash.” In distinction, solely 19% of British respondents and 17% of Germans share this perception.
Key Obstacles to Wider Adoption
Throughout all the nations surveyed, the primary boundaries to higher adoption of cryptocurrencies are:
- Perceived market volatility (20%)
- The prevalence of scams (17%)
- Not realizing the place to begin (14%)
- A lack of information of the goal of proudly owning crypto property (11%)
- Technological complexity (10%).
Prime 5 International locations for Cryptocurrency Ownership in 2024 (ConsenSys):
- Nigeria: 73%
- South Africa: 68%
- Philippines: 54%
- Vietnam: 54%
- India: 52%
