A new survey by ConsenSys, a leading blockchain and Web3 company, reveals that awareness of cryptocurrencies is soaring in the Philippines, although deeper understanding of Web3 technologies remains limited. The 2024 survey, conducted across 18 countries, shows that while 96 percent of Filipinos are familiar with cryptocurrencies, only 46 percent fully understand them. Awareness of Web3 (28 percent) and NFTs (37 percent) is notably lower, reflecting ongoing challenges in educating the public about these emerging technologies.
Globally, the study indicates strong growth in crypto adoption, with 93 percent of respondents now familiar with digital currencies and 42 percent owning or having purchased them. Ownership is also rising in the Philippines, with 54 percent of respondents reporting involvement in the crypto space. Despite growing adoption, issues such as scams, volatility, and a lack of clear entry points remain significant barriers to broader participation.
A key theme of the survey is the growing demand for decentralization. A majority of global respondents (80 percent) believe Web2 companies hold too much power, and over a third see decentralization as a solution for social media and financial systems. Interestingly, the Philippines ranks high in terms of familiarity with decentralization (53 percent), but knowledge gaps persist about the specifics of Web3 and blockchain technologies.
The study also highlights concerns about data privacy and the role of AI in spreading misinformation, with 75 percent of respondents worried about AI-generated fake news. In contrast, many see blockchain as a potential solution for enhancing data security and transparency.
As the crypto landscape continues to evolve, the findings underscore the need for education to bridge the gap between awareness and understanding. Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, emphasized the growing importance of decentralization, particularly in addressing issues like privacy and misinformation. “2024 has been a monumental year for crypto, and we’re poised to help shape the future of a more equitable, decentralized digital ecosystem,” he said.
