Cornell report: El Salvador and Venezuela have the highest bitcoin adoption rates

Cornell University survey: El Salvador, Venezuela and Nigeria have the highest bitcoin holding rates

Cornell University conducted a survey of 25,880 people in 25 countries. The results showed that El Salvador has the highest bitcoin holding rate, followed by Venezuela and Nigeria.

Survey Summary

El Salvador has the highest proportion of respondents who have ever owned Bitcoin, followed by Venezuela and Nigeria. Economic instability and limited access to the U.S. dollar are common factors in these high-holding countries. 58% of respondents did not know that the maximum supply limit of Bitcoin is 21 million. Bitcoin holding in the United States reaches 24%, but understanding of the Bitcoin supply ceiling remains low.

Correlation between Bitcoin holdings and economic pressures

Cornell University's Bitcoin Adoption Index shows that in countries with unstable currencies, limited banking services, or difficulty obtaining U.S. dollars, people are more inclined to use Bitcoin as a financial instrument rather than just a speculative investment. The researchers examined ownership, awareness, trust and usage in 25 markets. Market research firm Morning Consult conducted the 125-question survey from December 16, 2024 to March 10, 2025, collecting responses from a total of 25,880 participants. The research was commissioned by Cornell University and was conducted in conjunction with Jeb E. Developed by the Technology Policy Institute of the Brooks School of Public Policy, the Cornell Bitcoin Club, the Human Rights Foundation and the Reynolds Foundation.

Bitcoin adoption driven by economic pressure

According to research results released by the Cornell Bitcoin Club, El Salvador leads the rankings in holding rates, with 72% of respondents saying they had owned Bitcoin. Although Venezuela and Nigeria face different monetary and regulatory environments, Bitcoin penetration is also high. Research shows that Bitcoin is often used as a "pragmatic workaround" in economies where residents have difficulty protecting savings, accessing dollars or using reliable banking services. Researchers linked high holdings to local financial needs, including inflation, currency controls and limited access to international payment systems. One Venezuelan interviewee described Bitcoin as "faster, cleaner, and less risky" than other ways to obtain U.S. dollars. Venezuela has long had an informal dollar market, and residents seek alternatives to bolivar and restrictions in the domestic financial system. Independent data from TRM Labs supports the report's description of digital assets as a practical financial instrument in Venezuela. TRM ranked Venezuela 17th in retail cryptocurrency activity in the first quarter of 2026, with estimated transaction volume reaching US$17.9 billion. Its data shows that in April 2025, USDT (TEDA) accounted for 90.2% of the Binance personal-to-person active transaction list involving Venezuelan Bolivar. Although Cornell's research focuses on Bitcoin holdings, TRM data suggests that stablecoins pegged to the dollar play a more important role in current Venezuelan transactions. TRM attributed this to the devaluation of the Bolivar, capital controls, restrictions on banking services and the country's established informal foreign exchange market. In Nigeria, one participant told Cornell researchers that Bitcoin alleviated his financial difficulties while traveling in Africa. "I have been to six African countries and have no worries because I know I can use Bitcoin," the interviewee said.

Holder characteristics and differences

The index also found differences between different holder groups. Across all countries surveyed, men were more likely than women to hold Bitcoin, while people aged 30 to 44 were the most stable holders in the entire sample. There was an unexpected result on the income front: In 23 of the 25 countries, low-income respondents had the highest holding rates. Research shows that in all markets except Lebanon, the more educated population leads the way in Bitcoin adoption.

El Salvador's holdings and actual utilization

El Salvador tops the Cornell rankings because of its government's support for Bitcoin for more than five years. The country designated Bitcoin as legal tender in September 2021 and launched the Chivo Wallet, offering users a $30 Bitcoin reward. One Salvadoran participant told Cornell researchers that "no one controls Bitcoin, which means we all own it," reflecting the arguments of supporters behind the asset about decentralization. However, Cornell's data measures whether respondents had ever held Bitcoin, rather than whether they continued to use it for payments. This distinction is crucial in El Salvador because recent local surveys showed that even if the government issued bitcoins through Chivo, actual transaction usage remained low. In El Zonte, a coastal community known as "Bitcoin Beach," the number of Bitcoin payments has reportedly dropped. Jon Atack, a core contributor to Bitcoin, mentioned that a restaurant received its first Bitcoin payment of the month while he paid for lunch, but he believed this was an isolated phenomenon and not representative of nationwide activity. A Central American University survey cited in the report found that the proportion of El Salvador using Bitcoin to purchase goods or make payments in 2024 was 8.1%, down from 25.7% in 2021, 21% in 2022 and 12% in 2023. Another poll conducted by Francisco Gavidia University found that 7.5% of people used Bitcoin for transactions in 2024. Cornell's data can coexist with these results because even if respondents later stop using it, they will be considered holders if they have received a Chivo reward or purchased Bitcoin. The index found that 18 of the 25 countries surveyed had more former holders than current holders. In addition, El Salvador revised its Bitcoin rules after reaching a 40-month, US$1.4 billion financing agreement with the International Monetary Fund in February 2025. Under the revised framework, private companies can choose whether to accept Bitcoin, taxes must be paid in U.S. dollars, and the government no longer guarantees convertibility between Bitcoin and U.S. dollars.

Insufficient penetration of Bitcoin

Holding Bitcoin is not always accompanied by an understanding of its core characteristics. The report found that 58% of respondents were unaware that the Bitcoin protocol limits total supply to 21 million pieces. Cornell's national-level data shows that a similar knowledge gap exists in the United States. About 85% of Americans say they have heard of Bitcoin, and 38% think they know about Bitcoin, but only 6% know that its supply cap is 21 million. The survey also found that 24% of U.S. respondents had held Bitcoin. Across all 25 countries, respondents gave Bitcoin an average trust rating of 4.67 out of 10. Traditional assets, including gold, real estate and fiat currencies, generally received higher trust ratings, while 45% of participants believed that Bitcoin had a risk level comparable to stocks. Research shows that in some markets, financial stress is associated with higher holding rates and trust levels. In 22 of the 25 countries, respondents who didn't trust the government were more likely to hold Bitcoin. In 16 countries, mistrust of financial institutions was also linked to higher holding ratios. Japan is at the other end of the adoption rankings. About 88% of Japanese respondents said they had never owned Bitcoin, while 7% reported currently owning it. Cornell's research found that Japan is a stable, high-income economy, and its well-developed payment system and financial products have eroded the need for Bitcoin as an alternative.

Gap between U.S. holdings and cognitive levels

For U.S. readers, the survey distinguishes between market participation and technical knowledge. Nearly a quarter of U.S. respondents said they had owned Bitcoin at some stage, but only a small minority understood its fixed issuance cap. The results also showed that the adoption model in the United States is different from that in El Salvador, Venezuela and Nigeria. Cornell linked holdings in financially restricted markets to inflation, access to banking services and funds transfer needs, while U.S. participants had access to regulated exchanges, spot bitcoin exchange-traded funds, and mature U.S. dollar payment services. Institutional interest does not necessarily translate into official monetary adoption policies. Cornell's research project received $1 million in funding to study how people under authoritarian governments use Bitcoin and stablecoins to seek financial security. In addition to surveys in 25 countries, the researchers conducted approximately 250 interviews with users, including business owners, money remitters and political activists.