Cornell Study: Bitcoin Adoption Highest in Countries with Weak Banking

Cornell survey finds bitcoin most used where banking is unreliable

Cornell University's new Bitcoin Adoption Index shows that bitcoin ownership is highest in countries with unstable currencies and limited access to reliable banking. The study surveyed 25,880 people across 25 countries and found that El Salvador, Venezuela, and Nigeria had the highest share of people who had ever owned bitcoin.

According to the report, these are not wealthy financial centers but economies where the national currency has been unstable and everyday access to dollars or dependable banking is hard. In these places, bitcoin acts less as a speculative bet and more as a practical workaround.

Key findings from the research

• El Salvador, Venezuela, and Nigeria lead in bitcoin ownership rates.
• 58% of survey respondents did not know that bitcoin's supply is capped at 21 million coins.
• Bitcoin is used to bypass failing banking systems and inflation.
• Many users see bitcoin as a way to move money quickly and safely, even without deep technical knowledge.

What the Cornell report says

The report was produced by Cornell's Tech Policy Institute in the Jeb E. Brooks School of Public Policy, in partnership with Morning Consult, the Cornell Bitcoin Club, the Human Rights Foundation, and the Reynolds Foundation. Interviews were conducted between December 16, 2024, and March 10, 2025, and included 125 individual questions.

The report includes quotes from unnamed users in Venezuela, El Salvador, and Nigeria, describing bitcoin as faster, cleaner, and less risky than other ways to obtain dollars, and as a reliable means of spending across borders.

What is confirmed

Cornell University conducted a survey of 25,880 people in 25 countries. The survey found that El Salvador, Venezuela, and Nigeria had the highest shares of respondents who had ever owned bitcoin. The report also states that 58% of respondents did not know that bitcoin's supply is capped at 21 million coins.

What is still unclear

The report does not explain the exact criteria for ranking countries or provide specific percentages for bitcoin ownership in each country. The identities of the quoted users were not disclosed.

Why it matters for crypto users

The findings suggest that bitcoin is being used as a practical tool in places where traditional financial systems are weak. This challenges the idea that bitcoin is mainly a speculative asset and highlights its role as a means of payment and store of value in certain economies.

Sources

• Bitcoin Magazine