A recent report from global blockchain company, Consensys, revealed that 65% of Filipinos have expressed curiosity about investing in cryptocurrencies. This data has been collected from a global survey on crypto and web3, conducted by the international online research data group, YouGov.
The survey, which ran between April 26 and May 18, 2023, polled over 15,000 respondents aged 18-65 across 15 countries including the Philippines. The results, ConsenSys said, demonstrated a shift in user behavior toward active participation and broader community ownership, which are hallmarks of what web3 is.
Filipino Optimism in Crypto
The Philippines emerged as one of the highest markets with awareness of cryptocurrencies at a significant 96%.
- This surpasses the global average of 92%.
- 37% of respondents believe in the potential of crypto as the future of money, and 31% see it as the future of digital ownership.
In the Philippines, the two largest e-wallets GCash and Maya, comprising almost 100 million users combined already have crypto features in their app. The country also has a well-defined structure and guidelines for virtual asset services providers (VASPs). Among these VASPs are Coins.ph, PDAX, Bloom, and Direct Agent 5.
The respondents were also asked general questions that are indicative of how they would view the concept of “web3.”
- Only 52% of Filipinos trust current internet services.
- Maintaining data privacy (77%) remains a vital concern.
- Filipinos share a desire for increased control over their internet identities (84%).
ConsenSys stated it is utilizing these results in its efforts to redefine the role of the “builder”, an inclusive term that encompasses more than just developers in the space.
The country stands out in terms of crypto ownership, with nearly half of the respondents reporting having owned cryptocurrencies at some point.
- 58% are intending to invest in crypto at some point in the future.
- 52% see participating in crypto as a way “to build a more inclusive financial ecosystem.”
Barriers to Entry to Crypto
Despite the aforementioned enthusiasm, there are still reservations and barriers to entry amongst Filipinos when it comes to crypto.
- Only 25% of Filipinos have a solid understanding of the “web3 concept”.
- 38% of Filipinos are familiar with the metaverse, and 35% have knowledge about NFTs.
The primary barrier of entry into the country’s crypto ecosystem is the fear of scams (53%), followed by market volatility (50%) and uncertainty about where to begin (45%).
Crypto as the Future of Money
Overall, the overwhelming majority of Filipinos reveal them as the most optimistic about cryptocurrency, with more than half believing that it is the future of money (47%). This is significantly higher than the global average of 37%.
ConsenSys emphasized that Filipinos’ strong perspective on crypto as a viable alternative to traditional finance positions the Philippines as a crucial player in digital ownership.
To promote web3 and crypto development, Consensys is launching a global virtual hackathon, aiming to unite builders across the globe and empower them to build solutions for the future.
Joe Lubin, Founder, and CEO of Consensys, commented, “The survey confirms the emergence of a decentralized trust paradigm that empowers users and communities. Consensys aims to be a trusted steward for builders and developers, supporting community empowerment and positive global impact.”
This article is published on BitPinas: Consensys: 65% of Pinoys are Curious about Crypto Investing
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