MICA Daily | Consensys Report: Emerging Markets Drive Cryptocurrency Growth

According to the 2024 Global Cryptocurrency and Web3 Survey released by Consensys, emerging markets are leading global cryptocurrency adoption, with countries such as Nigeria, South Africa and the Philippines experiencing significant growth in cryptocurrency awareness, ownership and participation in related activities.

According to a Consensys survey, 93% of people worldwide have some knowledge of cryptocurrency, with 51% indicating understanding and 42% owning crypto assets. Nigeria has the highest ownership rate at 73%, followed by South Africa at 68% and the Philippines at 54%, with these regions also active in Web3 activities such as NFTs, decentralized finance (DeFi), and crypto staking.

The reason why local people embrace encryption coins is nothing more than economic difficulties, such as in Nigeria, where 65% of respondents see it as a value storage tool against currency depreciation, and 58% believe that cryptocurrency is the future currency. Although emerging markets have a higher acceptance of cryptocurrencies, there are still obstacles such as market volatility, scams, and lack of awareness. However, users in these regions are still willing to overcome challenges to counter local economic challenges.

Disclaimer: The article represents the personal views and opinions of the author, not the views and positions of the blockchain. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and the blockchain will not be held responsible for any direct or indirect losses incurred by investors.

This article was first published in Blocktempo.