It has been observed that a significant number of individuals possess limited knowledge regarding Bitcoin and its operational mechanisms.
However, despite this lack of understanding, for many holders of the foremost cryptocurrency, Bitcoin appears to be addressing critical issues such as inadequate banking infrastructure and rampant inflation.
This assertion is supported by recent research conducted by Cornell University, an esteemed Ivy League institution, which engaged nearly 26,000 participants worldwide in discussions concerning Bitcoin.
According to the latest Bitcoin Adoption Index report, El Salvador, Venezuela, and Nigeria emerged as the countries with the highest prevalence of Bitcoin ownership.
The report indicates that “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 continues, stating that “In each, Bitcoin functions less as a speculative bet and more as a practical workaround.”
Ella Hough, Bitcoin Advocacy Associate at Strategy and Junior Fellow at Cornell University’s Brooks School Tech Policy Institute, remarked, “Bitcoin works the same everywhere, but people’s need for it does not.”
She elaborated, “Across 25 countries, we found that people are more likely to see Bitcoin as a tool for financial freedom where currencies are less stable, banking access is limited, or monetary controls are tighter.”
Despite this, the research revealed a prevalent difficulty among respondents in articulating the foundational concepts of the protocol, including the fixed supply of Bitcoin at 21 million coins. Notably, 58% of participants expressed uncertainty regarding the supply cap.
Regardless of the complexities, the cryptocurrency has demonstrated its utility for those inclined to utilize it, as indicated by the findings.
One participant from Venezuela stated that Bitcoin was “faster, cleaner, and much less risky” compared to other means of acquiring dollars in the country.
Another individual from El Salvador observed, “When nobody controls [Bitcoin], it means we all have control of it.”
A Nigerian participant reportedly conveyed to Cornell researchers, “I’ve been to six African countries, and whenever I go there, I don’t fear it because I know I can spend my Bitcoin.”
The initial surge in Bitcoin adoption in Venezuela predates that of other nations, catalyzed by hyperinflation that devastated the economy and rigorous government currency restrictions that complicated access to dollars.
El Salvador, having embraced Bitcoin as legal tender alongside the dollar in 2021, acknowledged the challenges of encouraging its citizens to adopt the cryptocurrency, yet the government continues to invest in Bitcoin to bolster its reserves.
In Nigeria, known for generating some of the highest transaction volumes globally, Bitcoin has served as an alternative savings mechanism amidst the devaluation of the naira.
This research by Cornell University was conducted in collaboration with Morning Consult, 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.
The study involved interviews with 25,880 respondents across 25 countries from December 16, 2024, to March 10, 2025, encompassing 125 distinct inquiries.
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