While cryptocurrencies are often used as a shield against inflation, they are viewed more positively in developing countries than in developed ones. However, market volatility and the prevalence of scams remain the main obstacles to wider adoption of these digital assets.

Nigeria and South Africa have the highest rates of cryptocurrency ownership in the world in 2024, according to a report released on December 10 by ConsenSys, a blockchain software development company, in collaboration with the research and data analysis firm YouGov.

Titled “Global Survey on Crypto and Web3 2024,” the report is based on a survey of over 18,000 people aged 18 to 65 across 18 markets in Africa, Asia, the Americas, and Europe—regions known for high adoption rates of cryptocurrencies.

Nigeria ranks first, with 73% of the surveyed population owning or having previously purchased cryptocurrencies. South Africa comes second, with 68% of citizens currently holding or having bought virtual currencies. The Philippines (54%), Vietnam (54%), and India (52%) complete the top five. In contrast, fewer than one in three respondents in Japan, Argentina, Canada, France, and Italy reported owning or having previously invested in cryptocurrencies.

Across the 18 markets studied, the average ownership rate stands at 42%.

Positive Outlook in Africa and Asia

The report highlights that respondents in Africa and Asia are more likely to say they will definitely or probably invest in crypto assets over the next 12 months. In Nigeria, 93% of people expressed interest in investing, followed by South Africa (77%), the Philippines (59%), India (58%), Indonesia (54%), and Vietnam (50%).

This trend is in sharp contrast to countries like France, Germany, Canada, South Korea, and Japan, where the majority of respondents said they are unlikely or certain not to invest in cryptocurrencies. Respondents in Turkey, the United States, and Latin American countries (Argentina, Brazil, and Mexico) fall somewhere in the middle of these two trends.

The perception of cryptocurrencies is generally more positive in developing countries, where virtual currencies are often used as a way to store value and protect against inflation. For example, 58% of Nigerians, 47% of South Africans, and 45% of Filipinos view cryptocurrencies as “the future of money.” In contrast, only 19% of British respondents and 17% of Germans share this belief.

Key Barriers to Wider Adoption

Across all the countries surveyed, the main barriers to greater adoption of cryptocurrencies are:

•  Perceived market volatility (20%)
•  The prevalence of scams (17%)
• Not knowing where to start (14%)
• A lack of understanding of the purpose of owning crypto assets (11%)
• Technological complexity (10%).

Top 5 Countries for Cryptocurrency Ownership in 2024 (ConsenSys):

1. Nigeria: 73%
2. South Africa: 68%
3. Philippines: 54%
4. Vietnam: 54%
5. India: 52%