For their 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 is the meaning: The findings emphasize a critical need for education and accessible tools in the Philippines to bridge understanding and encourage responsible adoption of cryptocurrencies and Web3 technologies.
About the study
The study, “A Global Survey on Cryptocurrencies and Web3,” was conducted between February and May 2024.
- Respondents: It surveyed 1,010 Filipino residents aged 18 to 65.
- Goal: Assess knowledge, understanding and attitudes towards cryptocurrencies and Web3 technologies.
- Methodology: The study was conducted through device-independent online interviews where participants answered 35 closed-ended questions.
- The sample was then weighted to match the target population by age, sex, and region.
Key findings
Awareness and understanding: 96% of Filipinos have heard of cryptocurrencies.
- Only 46% understand cryptocurrencies.
- While 50% are not sure of its purpose.
Perceptions and barriers: The main barriers to entry include scams (50%), market volatility (48%) and lack of knowledge (42%).
- 54% consider cryptocurrencies to be environmentally friendly, and Bitcoin is perceived as greener than Ethereum.
Ownership and Adoption: 54% of cryptocurrency-aware Filipinos own a wallet.
- 19% of them currently own cryptocurrencies.
- 37% are also familiar with NFTs.
- 71% of them plan to buy or collect NFTs over the next year.
Web3 Activities: 28% of Filipinos are familiar with web3.
- Activities such as using wallets (33%) and playing blockchain games (31%) are the most common.
Attitudes of the financial system: 48% believe that the financial system works but needs improvement.
- But 23% believe it still needs a complete reconstruction.
Decentralization: 54% are familiar with decentralization.
- Meanwhile, social media (52%) and banking systems (50%) are seen as the areas that could benefit the most.
Key quote:
“More than half (54%) of cryptocurrency-aware Filipinos have purchased them. Just under 1 in 5 (19%) currently own some cryptocurrency, more than 1 in 3 (35%) have owned cryptocurrency in the past, which is a significant increase compared to last year. Just under half (46%) have never owned cryptocurrency, which represents a significant decrease. “Almost 2 in 3 (61%) plan to invest in cryptocurrencies in the next 12 months.”
A global survey on cryptocurrencies and Web3: a study conducted by Consensys with data from YouGov
Final thoughts
StillBarriers such as perceived scams and market risks remain a challenge, indicating the need for more transparency and education.
- Consistently, Consensys and YouGov also noted that fear of scams was the main barrier for Filipinos entering the crypto space last year.
- Accordingly, the same study revealed that 51% of Filipinos believe that strong regulations are needed to protect investors and safeguard traditional financial markets.
Between the lines: While awareness about cryptocurrencies is high, a lack of understanding and trust is hindering wider adoption in the Philippines.
worth reading: In a 2023 interview, Nicole Adame of Consensys highlighted challenges in cryptocurrency adoption in the Philippines, including negative perceptions and scams, while emphasizing the potential of gaming and trading markets, and the importance of platforms educational to improve incorporation and participation in the Web3.
This article is published on BitPinas: Consensys Reveals Key Crypto Findings in PH in New Report
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