Consensys published its latest web3 survey conducted with YouGuv. Consensys is the blockchain development firm associated with Ethereum and is the founder of the Metamask cryptocurrency wallet. The survey reinforces the high penetration of cryptocurrencies in emerging markets, with Nigeria as a standout, closely followed by South Africa.
The top five jurisdictions most likely to invest in cryptocurrencies during the next 12 months were Nigeria (93%), South Africa (77%), the Philippines (59%), India (58%) and Indonesia (54%). Those least likely to buy are Europeans, Canadians and the Japanese. UK respondents scored lowest (15%), with the United States at 41% sandwiched between Brazil (43%) and Argentina (39%).
Regarding the top factors dissuading investment, they include volatility followed by scams and a lack of knowledge about where to start. Significant numbers of people don’t understand the purpose of blockchain or believe it’s too complex, so investments are only appropriate for tech savvy people.
The crypto community portrays the adoption of crypto as a reaction to the existing banking system. Forty seven percent of survey respondents said the current banking systems work well, but there’s room for improvement. However, 18% think it needs to be rebuilt completely whereas 19% believe it’s fine as is.
