A recent survey by blockchain firm Consensys highlights the widespread ownership of cryptocurrency wallets, particularly in countries like Nigeria, South Africa, Vietnam, the Philippines, and India, where nearly half of the populations have reported owning one. Although global interest in cryptocurrency continues to rise, many potential adopters remain hesitant due to issues like market volatility and the lurking threat of scams.
Global Trends in Crypto Ownership
According to Consensys’s 2024 Perception Survey, 2024 saw a significant rise in crypto ownership across various nations. For instance, Mexico experienced an 8% increase, while the Philippines and South Africa followed closely with a 7% boost. In contrast, Germany and Japan reported more conservative growth rates of 5% and 4%, respectively.
Emerging markets are leading the charge in cryptocurrency adoption. Ownership rates are strikingly high in Nigeria (84%), South Africa (66%), Vietnam (60%), the Philippines (54%), and India (50%). The trend extends to Turkey and the United States, with 44% and 43% of respondents in these countries also claiming to own a crypto wallet.
Investment Sentiments Across Regions
Across the survey, roughly 40% of participants acknowledged owning cryptocurrencies or having made purchases of digital assets in the past. However, numerous countries, including Japan, Argentina, Canada, France, Italy, and the United Kingdom, report lower engagement, where less than a third of respondents have ever delved into buying digital currencies.
When it comes to future investment plans, the survey reveals that individuals in Asia and Africa exhibit a stronger inclination toward investing in cryptocurrencies over the next year. In contrast, skepticism prevails among respondents in Europe, Canada, South Korea, and Japan regarding entering the crypto space. Meanwhile, moderate enthusiasm is observed in Turkey, the United States, and parts of Latin America, positioning them between the two extremes.
The report points out a rising belief that blockchain technology is crucial for the future of finance. However, many participants still associate cryptocurrencies with negative aspects. In Europe, terms like “speculation” frequently arise—especially in France, Germany, and Italy—while concerns about scams and phishing dominate sentiments in France, the UK, and Italy.
Demographic Insights and Understanding
Interestingly, close to 30% of surveyed Americans consider cryptocurrencies a viable alternative to traditional financial systems. Yet, a significant number—over one-third—connect cryptocurrencies with scams and phishing schemes.
Moreover, the study uncovers disparities in cryptocurrency understanding among different demographics, particularly when it comes to age and gender. Men aged 25 to 44 tend to grasp cryptocurrency technology better than women and individuals older than 45, who typically show less familiarity.
This comprehensive survey gathered insights from 18,652 participants aged 18 to 65 across a wide array of countries, including Argentina, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Nigeria, South Africa, South Korea, Turkey, the Philippines, the UK, the US, and Vietnam. The data was collected between February and May 2024, painting a picture of the evolving landscape of cryptocurrency ownership and perceptions worldwide.
Source: Cointelegraph
