Survey Indicates Asians and Africans More Inclined Towards Crypto Investment
The strongest interest in cryptocurrency investment within the next 12 months emerged from countries such as Nigeria, South Africa, the Philippines, Vietnam, Indonesia, and India.
By Anna B Kiwanuka
A recent survey conducted by blockchain software company ConsenSys has revealed that individuals in Asia and Africa exhibit a higher propensity to invest in cryptocurrencies in the coming year. The comprehensive survey polled 15,158 participants aged 18 to 65 across 15 countries spanning four continents, encompassing North and South America, Europe, Africa, and Asia.
Notably, the survey uncovered that 92% of respondents were familiar with cryptocurrencies. However, the strongest interest in cryptocurrency investment within the next 12 months emerged from countries such as Nigeria, South Africa, the Philippines, Vietnam, Indonesia, and India.
In contrast, Europe and Japan appeared to be more cautious, with a majority of respondents indicating that they would not consider cryptocurrency investments. Specifically, 22% of respondents in France, the U.K., Japan, and Slovakia cited the high volatility of cryptocurrencies as their primary deterrent. Additionally, respondents from Brazil, South Africa, and some from the U.K. expressed concerns about the prevalence of scams in the crypto industry.
Interestingly, only 3% of respondents believed that blockchain technology and Web3 were not innovative and merely replicated existing technology.
Environmental considerations also played a role in respondents’ perspectives. A majority from Asia, South America, and Africa viewed cryptocurrencies as environmentally friendly. Conversely, respondents from the U.S., Japan, South Korea, and Europe maintained that crypto was not environmentally friendly and would never be.
The survey respondents collectively believed that the high-profile collapses of crypto firms in 2022 had a significant impact on trust within the crypto ecosystem. However, respondents from Germany, Vietnam, India, and South Africa contended that these bankruptcies did not substantially affect the industry’s reputation.