Consensys, the web3 company that developed MetaMask, announced the findings of its second global opinion survey on crypto and web3. The survey was conducted online by the international online research data and analytics technology group YouGov. As a follow-up to the initial report published in 2023, Consensys expanded the scope of the survey, reaching over 18,000 individuals aged 18-65 in 18 countries, including the Philippines.
With a mix of identical questions from the previous survey designed to gain an understanding of changing sentiment, and new questions aimed at addressing current themes and trends, the survey explores topics such as data privacy, awareness, ownership and web3 activity, decentralization, timely news events like the approval of spot crypto ETFs, and the intersection of artificial intelligence (AI) and blockchain. The results offer valuable insights into the public's understanding and perceptions of web3, crypto, and decentralization while revealing ongoing challenges and opportunities for education and adoption.
Key Findings from the 2024 Survey:
Perceptions on data privacy, concerns about AI, value creation, and the current financial system
Nearly half (48%) of Filipino respondents share similar sentiments as the majority (83%) of the total respondents, with data privacy and online identity control cited as top concerns. Globally, less than half (46%) trust how their Internet Service Providers handle their data and sensitive information. Additionally, over 75 percent of people surveyed say they want more control over their online identity and a share of profits from their data— with only 39% of those surveyed feeling they are adequately compensated for the value they add to the internet. Concerns about AI’s potential for generating malicious content are also widespread, highlighting an emerging phenomenon. More than 75% are concerned about AI generating fake news and fraudulent content, with the highest concerns in Nigeria and South Africa.
Views on blockchain’s ability to mitigate these risks vary by country, but more than half of people globally (54%) think it could mitigate risks posed by AI. Concurrently, almost half of respondents (47%, -2) believe the traditional financial system could use improvement, suggesting a continued lack of confidence in existing financial infrastructure. In addition, 18% (+2) think the system needs a complete overhaul, particularly in Nigeria, Indonesia, and the Philippines. Interestingly, however, cryptocurrency owners and those familiar with decentralization tend to view the traditional financial system more favorably. Similarly, those willing to invest in cryptocurrencies strongly believe that the financial system works well (28% vs 20%).
Crypto adoption across the globe: Awareness, ownership, and barriers to entry
Over half (54%) of respondents have purchased cryptocurrencies, driven by curiosity, but barriers such as scams (50%), volatility (48%), and uncertainty about where to start (42%) persist.
Globally, 93% (+1) of people are aware of cryptocurrencies, with 52% of those respondents claiming to understand what they are. Cryptocurrency awareness is exceptionally high in the Philippines, with 96% of respondents having heard of it. However, only 46% understand how it works. Filipinos largely associate crypto with the “future of money” (45%) and an alternative to traditional financial systems (36%), though concerns about misuse are increasing, with 20% linking it to crime and money laundering.