According to a recent ConsenSys investigation, Nigeria presently has the highest degree of cryptocurrency awareness in the world, surpassing all other countries.
According to the poll, 99% of Nigerian respondents were aware of cryptocurrencies, had a solid comprehension of blockchain technology, and were willing to spend 90% of their time doing so.
According to the report, cryptocurrencies are seen as a source of financial opportunity and security as well as speculative assets in Nigeria and other African countries.
Despite the Central Bank of Nigeria’s (CBN) prohibition, Nigerians have continuously showed persistent enthusiasm and curiosity for Bitcoin, Ethereum, and other cryptocurrencies, according to HowNG.
The CBN has remained steadfast in its position about the future and use of bitcoin transactions through Nigerian banks.
Many people are typically aware of crypto assets. Globally, 92% of respondents have heard of digital currency.
However, the amount of people who understand it is significantly lower. According to the ConsenSys poll, only 50% of participants said they had heard of bitcoin and knew what it was.
Nigeria has the highest degree of cryptocurrency awareness, with 100% of women and 99% of men knowing about the asset class. Indeed, 78% of them claimed to understand how cryptocurrencies operated.
Only 5% of people are interested in investing in cryptocurrencies. Over the next 12 months, 57% have stated that they will invest in cryptocurrencies, while 33% have stated that they will very likely do so.
The key reason for Nigerians adopting cryptocurrencies was to diversify their investments. Other factors include the naira’s volatility.
According to people who have purchased or now own cryptocurrencies, the top investments were Bitcoin, Ethereum, Binance Coin, Dogecoin, Tether, and Shiba Inus.
Furthermore, 6 out of 10 Nigerians were aware of the impending collapse of centralized crypto businesses in 2022.
Bankruptcies, according to 89% of the population, had an impact on trust. However, the majority of them reported that the effect was “moderate.” Nigerians believe that improving security, transparency, and accountability are the most effective ways to reestablish trust in the crypto business.