37% of Indian respondents regard cryptocurrencies as the ‘Future of Money’: Survey

Consensys, a leading Web3.0 software technology company, has recently revealed the results of a global opinion survey on cryptocurrencies and Web3.0, conducted in collaboration with YouGov, an international online research data and analytics technology group.

Spanning 15 countries across Africa, the Americas, Europe, and Asia, the survey aimed to gauge the public sentiment on the future of crypto. With a sample size of 15,158 participants aged 18-65, including 1,013 individuals from India, the findings reveal valuable insights into the perceptions and attitudes toward cryptocurrencies.

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Today, we’re proud to unveil our groundbreaking "Global Survey on Crypto and Web3" report conducted in collaboration with @YouGov🎉

We surveyed over 15,000 people across the🌏

Our goal was to gauge web3 perceptions & the results were enlightening.💡https://t.co/K0fQLuNnZR pic.twitter.com/g4uXYPRRIc

— Consensys (@Consensys) June 27, 2023

Indian respondents embrace cryptocurrencies as game-changer for future

The survey showcased the increasing recognition of cryptocurrencies as a transformative force. Among Indian respondents, a noteworthy 37 percent regarded cryptocurrencies as the "future of money," while 31 percent believed in their potential as the "future of digital ownership" and as a means to participate in the global financial ecosystem. The findings highlighted the widespread awareness of crypto, with a staggering 92 percent of participants demonstrating knowledge about cryptocurrencies.

Furthermore, one-fifth of the Indian population already owned cryptocurrency, and an impressive 57 percent expressed their willingness to consider investing in crypto within the next 12 months. The survey also revealed that 57 percent of respondents perceived crypto as an environmentally friendly technology, reflecting a growing awareness of its potential sustainability benefits.

Insights on regional perspective, global trend, and worries about cryptos

The states in North, Central, Eastern, and Northeastern India witness the highest popularity for cryptocurrencies with 94 percent of respondents showing interest, followed closely by the West’s 92 percent and 89 percent in the Southern regions. Data privacy emerged as a significant concern, with 62 percent of participants considering it important.

Additionally, 53 percent expressed a desire for greater control over their online identities, highlighting a growing demand for digital autonomy. Interestingly, 39 percent of respondents believed they should have a share of the profits generated by companies using their data, while only 30 percent trusted current internet services with their personal information.

The survey identified market volatility (48%) and fear of scams (44%) as the primary barriers to entry, followed by the complexity of the crypto ecosystem (36%) and difficulties in understanding its purpose. Furthermore, the survey shed light on global perspectives regarding cryptocurrency motivations and associated concepts.

Nigeria’s 65 percent and Argentina’s 56 percent displayed the highest motivation to own cryptocurrencies as a store of value, while India 43 percent predominantly viewed them as an investment for the future. Among respondents familiar with NFTs, the United Kingdom had the highest proportion of individuals who had never owned an NFT 76 percent, while Vietnam had the lowest at 24 percent. In India, 39 percent of respondents reported owning NFTs.

Joe Lubin, the founder, and CEO of Consensys emphasised the survey's aim to confirm the emergence of a decentralised trust paradigm that empowers users and communities. Consensys envisions itself as a steward for builders and developers, supporting community empowerment and fostering global impact.