In a recent study conducted by the Defi Education Fund in collaboration with Ipsos, it has been revealed that a significant number of Americans are increasingly turning towards cryptocurrency and decentralized finance (DeFi) as alternative financial solutions. The survey indicates that nearly 18% of Americans have either used or owned cryptocurrency, showcasing a growing interest in digital assets.
The research also highlights that frustration with traditional banking systems is widespread among Americans, with many expressing a desire for greater control over their money. This sentiment is driving a shift towards decentralized finance, with a sizeable portion of respondents expressing interest in exploring DeFi as a way to manage transactions without relying on traditional intermediaries.
One of the key findings of the study is that 42% of Americans would be willing to try DeFi if regulations made access easier. Among this group, a significant majority (84%) expressed interest in using DeFi for online shopping, while 78% mentioned using it for paying bills and 77% for saving money. However, the study also revealed a gap between potential DeFi use and understanding, as only 12% of respondents described themselves as very or extremely interested in learning about DeFi.
Furthermore, the survey highlighted a growing distrust in traditional banks, with only 40% of respondents expressing trust in large national banks and 43% in regional or community banks. Security concerns and a desire for full control over personal and financial data were also prominent themes among participants, with a significant portion expressing a wish to send money digitally without third-party involvement.
The study comes at a crucial time when regulators and industry leaders are actively shaping crypto policy in the US. The findings underscore the importance of regulatory clarity in driving DeFi adoption, as 42% of Americans cited easier access through legislation as a key factor influencing their interest in DeFi. Additionally, the survey revealed that 54% of Americans want complete control over their personal and financial data, reflecting a broader concern about privacy in digital transactions.
Overall, the research highlights the evolving landscape of financial services in the United States, with growing participation in crypto markets and ongoing debates on financial regulations shaping the future of DeFi. As the conversation around finance expands to include everyday Americans seeking a different kind of financial system, the role of regulators and industry stakeholders in fostering innovation and ensuring consumer protection will be crucial in determining the trajectory of DeFi in the years to come.