A survey of 25,880 people across 25 countries found that El Salvador, Venezuela and Nigeria had the highest shares of respondents who had ever owned bitcoin. The findings suggest that, in countries where currencies are unstable, access to dollars is difficult or banking services are unreliable, some people view bitcoin as a practical financial tool rather than only a speculative asset.
According to Bitcoin Magazine, the research was conducted for Cornell University’s new Bitcoin Adoption Index. Morning Consult carried out the fieldwork in partnership with Cornell’s Jeb E. Brooks School of Public Policy Tech Policy Institute, the Cornell Bitcoin Club, the Human Rights Foundation and the Reynolds Foundation.
Researchers questioned participants between December 16, 2024, and March 10, 2025. The survey included 125 questions and covered 25 countries. It examined both whether people had used or owned bitcoin and how well they understood the cryptocurrency’s underlying system.
Adoption is strongest where conventional options are strained
The countries with the greatest share of respondents who said they had ever owned bitcoin were El Salvador, Venezuela and Nigeria. Cornell’s report said these were not wealthy financial centres, but economies where national currencies have been unstable and access to dollars or dependable banking has been difficult.
The report described bitcoin’s role in those markets as a “practical workaround,” rather than simply a speculative investment. Bitcoin is a digital asset that can be transferred without depending on a conventional bank for every transaction. That feature can make it relevant to people dealing with capital controls, inflation or limited access to financial services, although the survey does not claim that bitcoin resolves those wider economic problems.
Ella Hough, a Bitcoin Advocacy Associate at Strategy and a Junior Fellow at Cornell University’s Brooks School Tech Policy Institute, said the cryptocurrency operates in the same way across countries, while the reasons people seek it differ. She said respondents were more likely to see bitcoin as a means of financial freedom where currencies were less stable, banking access was restricted or monetary controls were tighter.
The report included individual accounts illustrating those findings. An unnamed Venezuelan participant said bitcoin was “faster, cleaner, and much less risky” than other ways of obtaining dollars in the country. A Salvadoran respondent said that because no single party controls bitcoin, control is shared among its users. A Nigerian participant said bitcoin reduced concern when travelling across African countries because it could be spent in different places.
Familiarity with Bitcoin does not mean technical understanding
Cornell’s findings also showed a gap between using bitcoin and understanding how its protocol works. Although many respondents had experience with the asset, most found it difficult to explain basic technical details.
For example, 58% of those surveyed did not know that bitcoin’s total supply is capped at 21 million coins. The result indicates that practical use does not necessarily require detailed knowledge of the network’s design or monetary rules.
That distinction is important for interpreting the survey. The findings measure people’s reported ownership and views, but they do not suggest that all users understand bitcoin’s technology, supply limit or broader mechanics. They instead point to the possibility that some people adopt it because of a specific financial need, even when their technical knowledge is limited.
Country background and Moneyiar market picture
Bitcoin’s use in Venezuela began expanding years ago as hyperinflation damaged the economy and government currency controls made access to dollars more difficult, according to the report. In El Salvador, bitcoin became legal tender alongside the dollar in 2021. The country’s leader later acknowledged that encouraging citizens to use it was difficult, while the government has said it buys bitcoin for its reserves.
Nigeria has recorded some of the world’s highest bitcoin transaction volumes, and some people have used the asset as a way to save amid the decline of the naira. These country examples provide context for why ownership may be more common in places facing monetary or banking pressures than in established financial centres.
Moneyiar market data at 2026-10-03 09:39 +03:30 showed bitcoin at $84,569.71, down 2.04% over 24 hours but up 0.67% over seven days. Uniswap was $9.26, up 2.45% over 24 hours and down 3.63% over seven days. Aethir stood at $0.007029, rising 12.71% in 24 hours and 8.04% over seven days. Comedian was $0.062629, falling 4.85% over 24 hours and 9.12% over seven days.
Cornell’s research therefore presents bitcoin adoption as a varied phenomenon. The same asset can be held for different reasons, and in some countries its appeal is linked less to technical understanding than to the search for an alternative when local currency and banking systems are under pressure.
