Cornell Bitcoin Adoption Index Finds Highest Ownership in Economies with Unstable

A new global survey from Cornell University finds Bitcoin ownership is highest in countries with unstable national currencies and unreliable banking access, according to a report published by the university’s Tech Policy Institute.

The Bitcoin Adoption Index, based on interviews with nearly 26,000 people across 25 countries, ranked El Salvador, Venezuela, and Nigeria as the nations with the highest share of respondents who have ever owned bitcoin. The report states that in these economies, “bitcoin functions less as a speculative bet and more as a practical workaround” for financial instability.

Ella Hough, a Bitcoin Advocacy Associate at Cornell, noted the findings show 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.” The research also revealed that 58% of surveyed bitcoin owners did not know the supply is capped at 21 million coins.

The report includes testimonials from users in these leading nations. A Venezuelan interviewee described Bitcoin as “faster, cleaner, and much less risky” than other methods for obtaining dollars, while a Nigerian user cited the ability to spend bitcoin across six African countries without fear. The survey was conducted by Morning Consult between December 2024 and March 2025.