Emerging Markets Drive Crypto Growth: Consensys Report

According to the second annual Global Survey on Crypto and Web3 by Consensys, emerging markets are spearheading global cryptocurrency adoption.

The report reveals that countries like 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 globally are aware of cryptocurrencies, with 51% claiming to understand them. Ownership levels stand at 42%, with the highest rates reported in Nigeria (73%), South Africa (68%), and the Philippines (54%).

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

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

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

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

Individuals in these countries are also more likely to invest in crypto in the coming year. The Philippines has been capitalizing on the opportunities provided by such assets, with a 7% increase in ownership over the last 12 months.

Entry Barriers and Blockchain Solutions

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

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

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

About 54% of participants globally believe blockchain could provide the transparency and accountability needed to combat AI-driven misinformation.

Speaking on the increasing 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 enhancing privacy, trust, and transparency for how our data is managed cannot be overstated.”

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