“Nearly 75% of Americans are worried about cyber threats and are worried about things like AI.” – 04:07
Jenn Rosenthal, the Chief Communications Officer at the DeFi Education Fund, joins Remy Blaire at the New York Stock Exchange to discuss the growing discontent among Americans regarding the traditional financial system. Less than half of the respondents feel that the U.S. financial system meets their economic needs, and only 25% believe that traditional finance (TradFi) is designed to benefit ordinary people. This dissatisfaction opens the door for decentralized finance (DeFi) to potentially gain traction among the public.
Jenn provides valuable insights into the study’s key takeaways, emphasizing that Americans are increasingly frustrated with traditional finance and are eager to take control of their own assets and data. The study reveals that while 18% of Americans have owned or used cryptocurrency, only 3% understand DeFi, indicating a significant gap in knowledge that the DeFi Education Fund aims to bridge through education and informed dialogue.
The pair explore demographic trends, noting that millennials are particularly engaged with crypto, with one in four having owned or used it. In contrast, older generations exhibit more reluctance towards this sector. Despite this, a notable 22% of Americans express interest in learning about decentralized finance, reflecting a desire for alternative financial solutions amidst declining trust in traditional institutions.
Jenn highlights the importance of blockchain technology and DeFi innovations, which empower individuals with self-ownership of their assets, allowing them to transact without intermediaries. This aspect is particularly appealing to those concerned about cyber threats and the security of their financial data.