A global study by Consensys revealed that while an overwhelming majority of the population knows about cryptocurrencies, only 42% of respondents currently own or previously owned digital assets.
Consensys, in collaboration with data provider YouGov, conducted its second annual large-scale survey of the cryptocurrency market, publishing the results in the “Global Survey on Crypto and Web3” report. The key findings highlight that crypto adoption is growing, yet significant opportunities remain for educating potential users and engaging with them effectively.
Key findings in numbers:
- globally, 93% of respondents reported being aware of cryptocurrencies, but only 51% said they understand what cryptocurrency is;
- 42% of respondents currently own or previously owned cryptocurrencies;
- the highest ownership levels were recorded in Nigeria (73%), South Africa (68%), the Philippines (54%), Vietnam (54%), and India (52%);
- major barriers to crypto adoption include market volatility (20%), prevalence of scams (17%), and lack of necessary knowledge (14%).
It’s worth noting that the researchers managed to identify main concepts associated with cryptocurrencies by users, namely:
- the future of money (14%);
- an alternative to the traditional financial ecosystem (10%);
- the future of digital ownership (9%);
- a tool for financial speculation (9%).
The survey included over 18,000 participants aged 18 to 65 across 18 countries in Africa, the Americas, Asia, and Europe.
According to Bitfinex analysts, the total number of crypto owners reached 575 million as of December 2023. They further predicted that by the end of 2024, the number of digital asset users could reach 1 billion.
