Emerging Markets Drive Crypto Growth: Consensys Report

Emerging markets are leading global cryptocurrency adoption, according to Consensys’ second annual Global Crypto and Web3 Survey.

The report reveals that countries such as Nigeria, South Africa and the Philippines are driving significant growth in awareness, ownership and participation in crypto-related activities.

Emerging markets at the forefront

The survey shows that 93% of people worldwide know about cryptocurrencies, and 51% say they understand them. Ownership levels are 42%, with the highest rates in Nigeria (73%), South Africa (68%) and the Philippines (54%).

These countries also showed a notable increase in Web3 activities, such as holding NFTs, using decentralized finance (DeFi), and participation.

In Nigeria, 77% of respondents correctly defined blockchain, while 80% knew about decentralization. Similarly, South Africa reported that 74% are familiar with the latter concept, while 61% of participants in the Philippines shared the same understanding.

According to the report, crypto adoption in these areas is driven by several factors, with a large number of proponents seeing it as a solution to local economic challenges.

Furthermore, many of these markets see digital assets as a lifeline, with 65% of Nigerians seeing them as a way to store value amid currency instability and another 58% seeing them as the “future of money”.

Individuals from these countries are also more likely to invest in crypto in the coming year. The Philippines has been seizing the opportunities these assets offer, with ownership up 7% over the past 12 months.

Barriers to Entry and Blockchain Solutions

Despite growing enthusiasm for crypto in these regions, the survey also highlights persistent barriers to entry. Concerns about market volatility, scams and a lack of understanding of its purpose remain widespread globally.

However, these obstacles are less prevalent in emerging markets, where respondents demonstrated willingness to adopt virtual currencies despite challenges.

The report also reveals that blockchain could be key to addressing concerns about artificial intelligence (AI), with 75% of respondents concerned about its potential to generate fake news and perpetuate fraud.

Around 54% of participants worldwide believe blockchain could provide the transparency and accountability needed to combat AI-driven disinformation.

Speaking about the growing importance of data privacy as highlighted by the survey, Consensys CEO and Ethereum co-founder Joseph Lubin said:

“The critical role of blockchain and decentralization in improving privacy, trust and transparency about how our data is managed cannot be overstated.”

He added that recent years have shown growing momentum for crypto, blockchain and Web3 adoption, with 2024 marking a significant period. He explained that this is due to several factors, including the recent US presidential election, which could lead to greater regulatory clarity for the sector.

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