Cryptocurrency ownership is climbing across the globe, although market volatility and scams are still barriers to newcomers.
According to Consensys’ 2024 Perception Survey, crypto ownership has increased in several countries in 2024, with an 8% jump in Mexico, a 7% surge in the Philippines and South Africa, followed by growth of 5% in Germany and 4% in Japan.
Overall, emerging markets are leading crypto adoption. At least half of respondents in Nigeria (84%), South Africa (66%), Vietnam (60%), the Philippines (54%) and India (50%) reported owing a crypto wallet in 2024. Turkey and the United States also rank highly, with 44% and 43% of respondents indicating wallet ownership, respectively.
According to the survey, around four out of 10 respondents own cryptocurrencies or have purchased them in the past. These rates are lower in Japan, Argentina, Canada, France, Italy, and the UK, where less than 1 in 3 respondents purchased any digital asset before.
Top barriers to entering the crypto space. Source: Consensys
As for purchase intentions, a higher proportion of respondents in Asia and Africa express intentions to invest in crypto assets within the next 12 months.
In contrast, the majority in Europe, Canada, South Korea, and Japan indicate they are unlikely to invest. Meanwhile, respondents from Turkey, the US, and Latin American countries show moderate investment intentions, sitting between these two extremes.
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Blockchain: Innovation and scams
The report notes that blockchain technology is increasingly associated with “the future of money.” However, many participants still hold negative stereotypes about the industry.
European countries tend to associate cryptocurrencies with negative factors, such as speculation (mainly in France, Germany, and Italy) or scams and phishing activities (particularly in France, the United Kingdom, and Italy).
“It is worth noting that more than 1 in 4 (29%) of US respondents associate cryptocurrencies with an “alternative to the traditional financial system,” but more than a third (34%) also associate cryptocurrencies with “scams and phishing”.”
Crypto perceptions vary by age and gender
According to Consensys, there are notable demographic disparities in cryptocurrency understanding across age and gender groups.
While men aged 25-44 tend to have the most comprehensive understanding of cryptocurrency technology, women and respondents aged 45 and older are generally less familiar with it.
“This trend appears with varying intensity across most of the countries analyzed, and with very similar values to year-over-year,” notes the report.
The survey polled 18,652 people aged 18 to 65 across Argentina, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Nigeria, South Africa, South Korea, Turkey, the Philippines, the UK, the US and Vietnam between February and May of 2024.
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