By Shelly Melancon (Switzerland)
A recent Morning Consult survey has shown that about 78% of Americans still lack knowledge about crypto, especially the DeFi sector. The survey concurs with Statista data which showed that nearly 88% of Americans don’t have a crypto wallet or own a digital asset.
Another Data Confirms This Poll Data
The Statista data also showed that nearly 91 million Americans haven’t heard about DeFi before. It is evident that the authorities still need to do a lot of work to increase the awareness of blockchain and crypto, especially DeFi, among Americans. The Morning Consult poll further showed that the percentage of Americans that lack understanding about CBDCs and Web3 is even lower than those that lack awareness about DeFi.
Nearly 4,450 respondents participated in the Morning Consult poll, which lasted between the 16th and 23rd of last month. It is easy to overlook the data given the rapid rise of the DeFi sector over the traditional finance space. But, the survey showed that an overwhelming number of Americans are knowledgeable about digital assets.
A Suggestion For Players In The Traditional Finance Sector
A top analyst with the research firm, Charlotte Principato, revealed that 41% of the poll audience opined that the current financial service system isn’t innovative enough. Hence, they constantly switch between various financial service providers to suit their financial goals.
Americans’ crypto awareness rate. Source: Morning Consult
Despite the demand for innovative financial services, it isn’t the primary reason users are dumping traditional finance for decentralized finance. Nevertheless, most citizens have started making the most of their smartphones to manage each aspect of their lives better.
Thus, Principato suggested that every person optimizing their smartphones to improve their lives should also ensure that they decentralize their finances, especially by having several service providers. She further opined that “it is more cost-efficient to use the services from more than one provider and enables users to enjoy superior services.”
Principato added, “the embracement of self-direction can be applied to ones’ finances. However, it doesn’t necessarily mean DeFi adoption. Instead, it is related to behavioral and attitudinal changes.”
“Apart from being observant to attitudinal and behavioral changes, industry leaders in the traditional finance sector must keep creating new product offerings that can match or be better than those by the DeFi players.”
Traditional Finance Sector Vs. DeFi
It is noteworthy that traditional financial institutions may already be heeding Principato’s advice. For instance, Bank of America and Goldman Sachs have launched crypto-related service products for their customers to prove their innovativeness and explore the crypto space.
However, Principato opines that as crypto awareness increases, many people would eventually choose DeFi over the traditional finance sector as they seek better financial decentralization. The traditional finance sector can rest easy since crypto awareness that will warrant a massive shift into DeFi is still deceptively low, as revealed by this Morning Consult survey and other statistics.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.