A new Cornell University study reveals that Bitcoin adoption is highest in countries facing economic instability and limited access to reliable banking infrastructure.
The Bitcoin Adoption Index, based on interviews with 25,880 people across 25 countries conducted between December 16, 2024 and March 10, 2025, found that El Salvador, Venezuela, and Nigeria had the largest share of respondents who had ever owned Bitcoin.
"Ranked by the share of all respondents who have ever owned bitcoin, the leaders are not wealthy financial centers — they are economies where the national currency has been unstable and everyday access to dollars or reliable banking is hard," the report stated. "In each, bitcoin functions less as a speculative bet and more as a practical workaround."
Knowledge Gaps Persist
Despite Bitcoin's growing adoption in these regions, the study found significant gaps in understanding the cryptocurrency's fundamentals. Fifty-eight percent of survey respondents did not know that Bitcoin's supply is capped at 21 million coins.
Practical Use Cases
In Venezuela, where hyperinflation and strict currency controls have made obtaining dollars difficult, users reported that Bitcoin offered advantages over traditional alternatives. El Salvador adopted Bitcoin as legal tender alongside the dollar in 2021, though the government acknowledged challenges in encouraging citizen adoption. Nigeria, which has experienced some of the world's highest Bitcoin transaction volumes, has seen the cryptocurrency used as a savings mechanism amid currency instability.
The research was conducted by Morning Consult in partnership with the Tech Policy Institute at Cornell University's Jeb E. Brooks School of Public Policy, the Cornell Bitcoin Club, the Human Rights Foundation, and the Reynolds Foundation.
