A recent survey by polling company Morning Consult reveals that less than 33% of ordinary Americans have heard of Decentralized Finance or DeFi compared with 77% of crypto owners. The survey included 4,404 U.S.-based adult respondents and was conducted from February 16 to February 23.
If we consider that around 87% of Americans did not have their own crypto through last year according to the research by Statista, awareness of DeFi among non-owners is restricted to around 90 million citizens and still has a long way to go.
Survey reveals even lesser knowledge of CBDC and Web3
The survey also finds that the level of awareness of CBDC and Web3 is even lower at 30% and 21% of non-owners, respectively.
An important aspect of the report also reveals that the crypto owners are more than twice as likely as nonowners to have heard of DeFi and Web3. Interestingly, the relationship also holds when controlling for other demographic factors like gender, partisanship, age, education, ethnicity, and income. The survey states:
“Cryptocurrency is not only the foundation upon which DeFi and Web3 are built but is the gateway to familiarity with these concepts among consumers. As crypto adoption grows, increasing awareness of these ideas will follow.”
According to Morning Consult analyst Charlotte Principato’s analysis, 40% of respondents feel that current standard financial services are lacking in innovation and are aggressively diversifying the financial services and suppliers they utilize. While there is a demand for more services, it is not always a factor that drives people away from traditional banks.
People, on the other hand, have grown accustomed to managing more aspects of their lives because of the instant access that smartphones provide. This concept, according to Principato, can be applied to democratizing one’s own finances across numerous service providers.
In November last year, an Australian Senator said that crypto and DeFi can solidify the country’s economy.
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