LunarCrush Poll Shows That Users Want Crypto to Replace Banks

A survey by LunarCrush has revealed that many users are willing to trade their bank accounts for crypto. The survey asked users whether crypto could replace their bank account. The majority was a yes, with 74.71% open to that idea in 24 hours. 

Crypto Enthusiasts Dominated LunarCrush Poll

However, the platform didn’t provide any extra details about the poll, especially in terms of how many people voted. So, it’s hard to tell how representative this poll is of the overall population. Also, the fact that most of the respondents to the poll are crypto enthusiasts means that the results will reflect support for crypto.

Regardless, the polls show the growing interest in Bitcoin, Ethereum, and other digital assets. In a BlockFi survey last year, crypto was a popular gift idea for several Americans, especially the millennials.

In recent years, the crypto industry, especially the DeFi sector, has positioned itself as an alternative for traditional financial institutions.

By offering similar products as traditional institutions but with higher returns, many people have embraced it. The general belief is that they can get better services through this space.

Risks Associated With Crypto Puts Many Away

While this is true to an extent, traditional financial institutions still represent the best option for many people. Beyond the volatility of these assets, the associated security risks discourage many people. 

In 2021, over $14 billion worth of crypto assets were lost to crypto crimes. The DeFi sector accounted for a major part of these losses.

The trend has continued into the new year, with crypto hacks already resulting in millions in losses. For instance, around $15 million worth of assets were stolen from the Crypto.com exchange, but the firm has denied this vehemently.

Though these security issues discourage some investors, it hasn’t stopped others. A number of traditional financial institutions are already entering the crypto industry as regulations permit. 

The DeFi platform, Aave, recently launched Aave Arc, a permissioned DeFi platform for financial institutions. Several regulated and licensed financial institutions have already signed on to it, including Switzerland-based Seba Bank. Thus, a future where crypto and bank coexist is very much possible.