77% of Bitcoin holders have not tried BTCFi.

Interest in BTCFi but Low Participation

A recent survey revealed that 77% of Bitcoin (BTC) holders have never tried Bitcoin finance (BTCFi) platforms. This research is based on a study conducted by GoMining involving over 700 participants. Only 10% of respondents have tried BTCFi once or twice, while 8% are actively using BTCFi services for earning or lending purposes.

It appears there is a significant mismatch between the opportunities provided by BTCFi and the potential to capitalize on these opportunities. Mark Zalan, CEO of GoMining, stated, "There is a strong appetite for these opportunities, but the industry has developed products primarily for crypto enthusiasts, not for everyday Bitcoin holders."

Trust Issues and Lack of Awareness

Survey data indicates that 73% of participants express a desire to earn from their BTC holdings. Moreover, 42% are seeking liquidity without selling their BTC. However, more than 40% of respondents are willing to allocate less than 20% of their holdings to BTCFi products. This situation highlights the industry's trust and complexity issues.

One of the most striking findings is that 65% of Bitcoin holders cannot name a single BTCFi project. Despite receiving millions of dollars in investments, it seems that BTCFi platforms are mostly conversing among themselves rather than reaching out to the broader market.

The Impact of BTCFi and Ethereum

The report attributes the adoption issues of BTCFi to its reliance on the Ethereum Decentralized Finance (DeFi) model. GoMining suggests that Bitcoin users are more cautious and prioritize custody services, regulated investment funds (ETFs), and simplicity.

Mark Zalan remarked, "Bitcoin holders are not like Ethereum users. Coinbase and Bitcoin ETFs have succeeded because they prioritize accessibility."

It is worth noting that the respondents of this survey are solely composed of GoMining users. GoMining is a digital BTC mining platform that connects users with actual mining operations. The company states that over 80% of its users opened their first crypto wallets with them and entered the Bitcoin ecosystem through this digital mining product.