According to the statistics, over 87 percent or 290.9 million Americans did not yet own crypto as of 2021, awareness of decentralised finance (DeFi) among non-owners is limited to approximately 90 million Americans and has a long way to go.
Crypto adoption and DeFi usage among Americans are deceptively low, despite the industry’s echo chamber persuading people to assume otherwise.
New Morning Consult poll report says that less than one-third of average Americans have heard of DeFi, compared to 77% of crypto owners.
According to Morning Consult’s poll, the level of understanding of central bank digital currencies (CBDC) and Web3 is even lower, at 30% and 21% of non-owners, respectively.
The poll was carried out between February 16 and February 23 of this year. It includes 4,404 adult respondents from the United States.
Although much of the conversation in the crypto business focuses on the quick expansion of the DeFi space over traditional financial service providers, it is easy to overlook the echo chamber.
The survey’s most encouraging conclusion was that 91 percent of Americans have heard of cryptocurrencies, a figure that comes dangerously close to reflecting the whole country.
People, on the other hand, have grown accustomed to managing more parts of their life as a result of the one-touch accessibility provided by cellphones. This, according to Principato, applies to the decentralisation of one’s own finances across numerous service providers.
Traditional banks, such as Goldman Sachs and Bank of America, have begun to investigate the crypto-based services that they might provide to their clients in order to exhibit greater innovation. Principato believes that combining crypto awareness with traditional businesses that use crypto, as well as customer demand for financial decentralisation, would eventually force consumers away from traditional banking and into DeFi.
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