Many people know very little about Bitcoin and how it works.
But even though awareness remains relatively limited, for those holding this leading cryptocurrency, it appears to be addressing an issue: bypassing failing banking channels or inflation.
This is the conclusion of the latest research by Cornell University, one of the Ivy League schools in the United States. The university surveyed nearly 26,000 people worldwide on the topic of Bitcoin.
In its latest report, the "Bitcoin Adoption Index," the university found that El Salvador, Venezuela, and Nigeria have the highest percentages of people who have ever held Bitcoin.
The report states: "When ranked by the proportion of respondents who have ever held Bitcoin, the leaders are not wealthy financial centers, but economies where the local currency is unstable and access to dollars or reliable banking services is difficult."
The report also stated: "In these places, Bitcoin is less a speculative bet and more a practical alternative."
Ella Hough, a junior researcher at the Brooks School Tech Policy Institute at Cornell University and a Bitcoin advocacy fellow for Strategy, added, "Bitcoin operates the same everywhere, but demand for it varies."
She said: “In 25 countries, we found that people are more likely to view Bitcoin as a tool for achieving financial freedom in places where currency stability is weak, banking services are limited, or currency controls are stricter.”
However, Cornell University also found that most people struggle to explain the basic principles of the protocol—including how many bitcoins will ever be issued in total. In fact, 58% of respondents said they were unaware that the Bitcoin supply cap is 21 million.
The report states that, aside from these technical details, this cryptocurrency has still proven helpful to those who wish to use it.
An unnamed respondent from Venezuela told the interviewer that Bitcoin is “faster, cleaner, and much less risky” compared to other ways of obtaining dollars in the country.
Another Salvadoran respondent was quoted as saying: “When no one controls it (Bitcoin), it means we all have control over it.”
According to reports, a Nigerian respondent told Cornell researchers: “I’ve been to six African countries, and every time I go there, I’m not afraid because I know I can spend my Bitcoin.”
Years ago, Bitcoin adoption in Venezuela began to rise ahead of other countries, as hyperinflation devastated the economy and strict government foreign exchange controls made it difficult to obtain U.S. dollars.
El Salvador adopted Bitcoin as legal tender alongside the U.S. dollar in 2021. Although its leaders acknowledged that encouraging citizens to use this cryptocurrency is not easy, the Central American nation still stated it would purchase the asset for its national treasury.
In Nigeria, a country that once had one of the highest trading volumes globally, some people are safeguarding against the naira’s depreciation by saving in Bitcoin.
This study by Cornell University was conducted by Morning Consult, in collaboration with the Institute for Technology Policy at Cornell’s Jeb E. Brooks School of Public Policy, the Cornell Bitcoin Club, the Human Rights Foundation, and the Reynolds Foundation.
Researchers interviewed 25,880 people across 25 countries between December 16, 2024, and March 10, 2025, asking a total of 125 distinct questions.