Emerging Markets Lead Global Crypto Adoption, Says ConsenSys Survey

A recent survey conducted by blockchain firm ConsenSys reveals that cryptocurrency adoption is surging in emerging markets, with significant ownership rates reported across countries such as Nigeria, South Africa, Vietnam, the Philippines, and India. According to the 2024 Perception Survey, these markets are leading the charge in global crypto adoption, with at least half of the population in these regions already owning a cryptocurrency wallet.

Crypto Adoption on the Rise Globally

The ConsenSys survey found that crypto ownership has continued to rise across the globe, despite ongoing challenges such as market volatility and scams. In 2024, countries like Mexico, the Philippines, and South Africa saw notable increases in crypto adoption. Mexico experienced an 8% jump in ownership, while the Philippines and South Africa reported a 7% increase each. Germany and Japan also saw a 5% and 4% growth, respectively.

However, it is in emerging markets where cryptocurrency ownership has reached significant levels. In Nigeria, a staggering 84% of respondents reported owning a crypto wallet, followed by South Africa at 66%, Vietnam at 60%, the Philippines at 54%, and India at 50%. Even in Turkey and the United States, 44% and 43% of respondents, respectively, reported having crypto wallets.

In contrast, developed markets such as Japan, Argentina, Canada, France, Italy, and the UK have lower adoption rates, with fewer than one-third of respondents in these countries having purchased cryptocurrencies.

Blockchain Perception: Innovation vs. Scams

The report also highlights that while blockchain technology is increasingly seen as “the future of money,” many participants still hold negative perceptions about the industry. In Europe, particularly in France, Germany, and Italy, cryptocurrencies are often associated with speculation, while in the UK and France, scams and phishing activities remain a prevalent concern.

Interestingly, over a quarter (29%) of U.S. respondents view cryptocurrencies as an alternative to traditional financial systems. However, a significant portion, more than a third (34%), also associate digital assets with scams and phishing.

Crypto Perceptions Across Demographics

The survey also revealed notable demographic differences in understanding and perception of cryptocurrency. Men aged 25-44 generally have the most comprehensive understanding of crypto, while women and individuals aged 45 and older tend to be less familiar with the technology. This trend was consistent across most countries surveyed and mirrors findings from previous years.

Survey Methodology

The ConsenSys 2024 Perception Survey was conducted between February and May 2024, polling 18,652 individuals aged 18 to 65 across 18 countries: Argentina, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Nigeria, South Africa, South Korea, Turkey, the Philippines, the UK, the US, and Vietnam.

Conclusion

The data from ConsenSys underscores the growing influence of emerging markets in the global cryptocurrency ecosystem. While market volatility and concerns about scams persist, the rising number of crypto wallet owners in countries like Nigeria, South Africa, and Vietnam signals an ongoing shift toward greater adoption. As blockchain technology continues to evolve, it is clear that its integration into the financial landscape is poised to expand, especially in regions where people are increasingly looking for alternatives to traditional financial systems.