Emerging Markets Drive Crypto Growth: Consensys Report

In line with the second annual World Survey on Crypto and Web3 by Consensys, rising markets are spearheading world cryptocurrency adoption.

The report reveals that nations like Nigeria, South Africa, and the Philippines are driving important development in consciousness, possession, and participation in crypto-related actions.

Rising Markets at The Forefront

The survey reveals that 93% of individuals globally are conscious of cryptocurrencies, with 51% claiming to know them. Possession ranges stand at 42%, with the best charges reported in Nigeria (73%), South Africa (68%), and the Philippines (54%).

These nations additionally displayed a notable improve in Web3 actions, resembling holding NFTs, utilizing decentralized finance (DeFi), and staking.

In Nigeria, 77% of respondents accurately outlined blockchain, whereas 80% knew about decentralization. Equally, South Africa reported 74% familiarity with the latter idea, whereas 61% of individuals within the Philippines shared the identical understanding.

Per the report, crypto adoption in these areas is driven by varied elements, with a lot of proponents perceiving it as an answer to native financial challenges.

Moreover, many in these markets view digital belongings as a lifeline, with 65% of Nigerians seeing them as a approach to retailer worth amid foreign money instability and one other 58% contemplating them because the “future of cash.”

People in these nations are additionally extra more likely to spend money on crypto within the coming 12 months. The Philippines has been capitalizing on the alternatives supplied by such belongings, with a 7% improve in possession during the last 12 months.

Entry Limitations and Blockchain Options

Regardless of the rising enthusiasm for crypto in these areas, the survey additionally highlights persistent obstacles to entry. Issues about market volatility, scams, and the lack of information of its goal stay widespread globally.

Nevertheless, these obstacles are much less prevalent in rising markets, the place respondents demonstrated a willingness to embrace digital currencies regardless of the challenges.

The report additionally reveals that blockchain could possibly be key in addressing concerns about synthetic intelligence (AI), with 75% of these interviewed frightened about its potential to generate faux information and perpetuate fraud.

About 54% of individuals globally imagine blockchain might present the transparency and accountability wanted to fight AI-driven misinformation.

Talking on the rising significance of knowledge privateness as highlighted by the survey, Consensys CEO and Ethereum co-founder Joseph Lubin mentioned:

“The important function of blockchain and decentralization in enhancing privateness, belief, and transparency for the way our information is managed can’t be overstated.”

He added that the previous couple of years have proven rising momentum for crypto, blockchain, and Web3 adoption, with 2024 marking a big interval. He defined that this is because of varied elements, together with the latest U.S. presidential election, which might result in higher regulatory readability for the trade.