77% of Bitcoin Holders Have Never Tried BTCFi
Although Bitcoin DeFi, often called BTCFi, is hailed as the next big wave of innovation in the world of cryptocurrencies, most bitcoin holders remain on the sidelines. According to a new survey by GoMining, there’s a significant gap between the industry’s marketing ambitions and its actual user reach.
BTCFi allows active use of bitcoin
BTCFi refers to services that let bitcoin holders actively use their coins — for example, by lending them out to earn interest or locking them on platforms to receive regular yields, similar to a savings account. However, this all happens in a decentralized environment, without banks or traditional financial institutions.
Most bitcoin holders never use BTCFi
Among more than 700 respondents from North America and Europe, 77 percent of bitcoin holders said they had never used a BTCFi platform. Only about ten percent had tried such services once or twice, and just eight percent use them regularly to earn yields or lend out their bitcoin.
According to GoMining CEO Mark Zalan, the problem is clear: “There’s huge demand for these opportunities, but the industry keeps building products for crypto enthusiasts, not for average bitcoin holders,” he said in a press release.
Investors want yields – but don’t trust the system
While demand exists, trust does not. The survey found that 73 percent of respondents would like to earn yields from their bitcoin through lending or staking. Staking means locking cryptocurrencies on a platform in exchange for rewards. Another 42 percent would like to access liquidity without selling their bitcoin.
However, understanding and trust remain low. Over 40 percent said they would allocate less than one-fifth of their portfolio to BTCFi products. Investors are drawn to potential yields, but fear complexity and lack of safeguards familiar from traditional finance.
BTCFi remains “invisible”
An even bigger issue is awareness. According to GoMining, 65 percent of bitcoin investors couldn’t name a single BTCFi project. Despite millions in funding from venture capital, these platforms still mostly speak to themselves rather than to regular users.
Why Ethereum’s model doesn’t work for Bitcoin
GoMining suggests weak adoption stems from copying the Ethereum-based DeFi model. Ethereum is a Blockchain known for openness and flexibility, but its decentralized finance apps often require technical knowledge, wallet management, and trust in smart contracts.
The Bitcoin community, by contrast, is more conservative. Bitcoin users prefer simplicity and regulated options like ETFs or exchanges that manage funds on their behalf. “Bitcoin users aren’t Ethereum users,” Zalan noted. “Coinbase and bitcoin ETFs succeeded because they focused on accessibility. BTCFi projects that prioritize education and user experience have a real chance.”
A warning and an opportunity
GoMining’s findings offer both a warning and a chance: current strategies fail to engage the majority of investors, but the demand is there. Millions of bitcoin holders want yield and liquidity — if given products they can understand and trust.
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