ConsenSys and YouGov jointly released a comprehensive survey on Tuesday focusing on cryptocurrencies and Web3, revealing stark differences between advanced and emerging economies. The survey, conducted from late April to May this year, collected responses from more than 15,000 respondents aged 18 to 65.
Participants come from 15 different countries in Africa, America, Asia and Europe. While an overwhelming majority (92%) showed awareness of cryptocurrencies, the similarities end there.
The findings highlighted the general optimism among respondents in developing countries towards cryptocurrencies, while developed countries showed a more skeptical stance.
Notably, 65% of Nigerians expressed a strong interest in owning cryptocurrencies as a store of value. In contrast, investors from the US, Germany and the UK gave different motivations for owning digital assets.
According to a ConsenSys spokesperson, the individuals in the aforementioned developed countries cited “curiosity” as one of their main reasons for investing in cryptocurrencies, with the aim of gaining a better understanding of the industry through experimentation.
Likewise, 56% of Argentines feel the need to own cryptocurrencies due to the instability of the local currency.
The survey also revealed varying levels of familiarity with Web3 in different regions. While 78% of respondents in developed countries are familiar with the concept, this figure drops to 64% in emerging economies. This difference may stem from differences in Internet access and technology infrastructure between the two groups.
Additionally, the survey explores general attitudes toward decentralized finance (DeFi), a key component of the Web3 ecosystem. The report shows that 40% of participants in developing countries view DeFi as an opportunity for financial inclusion and empowerment. In contrast, individuals in developed countries were more cautious, with only 24% expressing the same opinion.
The collaboration between ConsenSys and YouGov highlights the importance of understanding regional differences in cryptocurrency and Web3 adoption. The findings highlight the need for tailored strategies to promote education and adoption in different economic contexts.
As the cryptocurrency landscape continues to evolve, industry leaders and policymakers alike must recognize the subtle perspectives and motivations that drive individual participation in these emerging technologies. By doing so, they can foster an environment conducive to inclusive and responsible cryptocurrency adoption, regardless of regional differences.