Nigeria, South Africa Lead 2024 Global Crypto Ownership Stats Despite State Crackdown on Exchanges

According to major blockchain reporting firm ConsenSys, Nigeria is the leading country in the world in terms of crypto ownership in 2024. In addition to the North African country, the state of South Africa is also witnessing immense growth in crypto ownership statistics and together, they are driving a new trend of crypto adoption across the globe.

African Countries Leading in Crypto Adoption

Nigeria is the first in the list provided by ConsenSys with a whopping 74% crypto adoption rate. Closely following Nigeria is South Africa with 68% and a little further down the pecking order is the Philippines with 54%. While crypto ownership statistics are encouraging, the primary driving factor in all three of these economies is the same; unstable national economies and under-pressure local currencies.

Crypto Literacy is Improving

These findings were provided by ConsenSys after extensive surveys across the world. The positive aspect here is that 51% of respondents stated that they understood the importance and use case of cryptocurrencies while as much as 93% were aware of their existence.

This is a major improvement over previous years when it was perfectly normal to witness that half of the public was not even aware of the existence of digital currencies. It is a testament to the swift penetration of the crypto assets that within a few years an overwhelming majority of the world reportedly knows about crypto and roughly half understand how it works.

Interest Around Web3

In addition to crypto knowledge, there is also an increase in interest in other Web3 activities like Decentralized Finance (DeFi) and Non Fungible Tokens (NFTs). As many as 80% of Nigerian respondents stated that they understood the value of decentralization and 77% were able to define blockchain technology effectively. South Africa wasn’t far behind with 74% of survey participants able to correctly define the decentralized ledger tech.

The Future

When it comes to crypto adoption, major African economies especially Nigeria are leading the way. This is as reported by ConsenSys, Chainalysis, and other major crypto analytics firms.

It is in stark contrast with the attitude of the central government in the country which initiated a major regulatory backlash against crypto exchange outlets and users. Binance executives were thrown in jail for several months and all exchanges barring a few indigenous examples were banned in the country.

While the authorities have promised a more crypto-friendly approach in 2025, any major seismic shift is unlikely to occur and users are likely to continue to face roadblocks in crypto ownership and trading. However, these measures are failing to contain the crypto revolution in Africa in general and Nigeria in particular.

P2P Crypto Exchanges in Nigeria

In terms of trading crypto, Remitano, a P2P exchange, is still available in the country and is one of the primary exchanges where users can buy and sell crypto. Remitano’s peer-to-peer model allows users to bypass the limitations imposed on centralized exchanges, providing a way to continue participating in the crypto market.