For its 2024 joint study, blockchain and web3 software company Consensys and internet-based market research YouGov revealed that while 96% of Filipinos are aware of cryptocurrencies, only 46% understand them.
What’s the significance: The findings emphasize a critical need for education and accessible tools in the Philippines to bridge understanding and encourage responsible adoption of cryptocurrency and Web3 technologies.
About the Study
The study, “A Global Survey on Crypto and Web3” was conducted between February and May 2024.
- Respondents: It surveyed 1,010 Filipino residents aged 18 to 65 years old.
- Goal: To assess awareness, understanding, and attitudes toward cryptocurrencies and Web3 technologies.
- Methodology: The study was conducted via device-agnostic online interviews where participants answered 35 close-ended questions.
- The sample was then weighted to match the target population by age, gender, and region.
Key Findings
Awareness and Understanding: 96% of Filipinos have heard of cryptocurrencies.
- Only 46% understand cryptocurrencies.
- While 50% are unsure of their purpose.
Perceptions and Barriers: Top barriers to entry include scams (50%), market volatility (48%), and lack of knowledge (42%).
- 54% view cryptocurrencies as environmentally friendly, with Bitcoin perceived as greener than Ethereum.
Ownership and Adoption: 54% of crypto-aware Filipinos own a wallet.
- 19% of them currently hold cryptocurrencies.
- 37% are also familiar with NFTs.
- 71% of them plan to buy or collect NFTs in the next year.
Web3 Activities: 28% of Filipinos are familiar with web3.
- Activities like using wallets (33%) and playing blockchain games (31%) are the most common.
Financial System Attitudes: 48% believe the financial system works but needs improvement.
- But 23% think it still needs a complete rebuild.
Decentralization: 54% are familiar with decentralization.
- Meanwhile, social media (52%) and banking systems (50%) are seen as areas that could benefit most.
Key Quote:
“More than half (54%) of Filipinos aware of cryptocurrencies have purchased them. Just under 1 in 5 (19%) currently own any, more than 1 in 3 (35%) have owned cryptocurrencies in the past, which is significantly up compared to last year. Just under half (46%) have never owned any cryptocurrencies, which is significantly down. Nearly 2 in 3 (61%) plan to invest in cryptocurrencies in the next 12 months.”
A Global Survey on Crypto and Web3: A Study by Consensys with YouGov Data
Closing Thoughts
Still, barriers like perceived scams and market risks remain a challenge, signaling the need for more transparency and education.
- Consistently, Consensys and YouGov also noted fear of scams as the main barrier for Filipinos in entering the crypto space last year.
- Accordingly, the same study revealed that 51% of Filipinos believe robust regulations are necessary to protect investors and safeguard traditional financial markets.
Between the lines: While awareness of cryptocurrencies is high, a lack of understanding and trust is hindering broader adoption in the Philippines.
Worth reading: In a 2023 interview, Consensys’ Nicole Adarme highlighted the challenges in crypto adoption in the Philippines, including negative perceptions and scams, while emphasizing the potential of gaming and trading markets, and the importance of educational platforms to enhance onboarding and web3 engagement.
This article is published on BitPinas: Consensys Reveals Key Crypto Findings in PH in New Report
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