Only Half the World See Crypto as a Plus for the Internet

A new study by polling giant YouGov and Consensys found that only about half of respondents think crypto adds any value to the internet. Large numbers of people still associate crypto with scams, especially when offered online. The findings should worry an industry failing to make a case for broader adoption.

The scope of YouGov’s poll is broad. The organization reached out to 15,158 individuals in 15 countries, aged 18 to 65. The nations included Argentina, Brazil, France, Germany, India, Indonesia, Japan, Mexico, Nigeria, South Africa, South Korea, The Philippines, UK, the US, and Vietnam. 

YouGov: Wealth Gap Shapes Perspectives on the Future of Money

The study provides a valuable snapshot of ordinary people’s views, revealing a widespread concern about the digital reality of the modern internet. However, the majority have not yet linked its solutions with crypto or Web3.

The findings reveal that over 92% are aware of crypto. However, when polled, only one-third “expressed beliefs in its potential as the future of money.” Only 31% believed it was the future of ownership.

Moreover, large numbers of respondents saw negative aspects to crypto’s easy online accessibility. Fully 25% of respondents associated it with scams, and 26% with speculation. 

The numbers point to a widening gap between many richer and middle economies. According to the survey, 58% of Nigerians, 50% of South Africans, and 44% of Mexicans associated crypto with the future of money. However, only 15% of Brits and 17% of Germans said the same.

Terms Like Web3 Failing to Cut Through

However, other widely used industry terms are failing to cut through. A meager 8% of respondents consider themselves to be very familiar with the concept of web3. Although, Metaverse (36%) and NFTs (34%) fared a little better.

There remains room for optimism, though. The decentralized web has the potential to appeal to those skeptical of the Web2 model. 58% of respondents across all age groups “strongly agreed” that they would like more control of their internet identity. 83% of respondents globally thought data privacy was important to them.

Proponents of blockchain, Bitcoin (BTC), and other cryptocurrencies would say there are ready-made solutions. But not everyone believes them.