When the Banks Don’t Work, Bitcoin Does: Cornell University’s Adoption Index
While many individuals are familiar with Bitcoin, comprehension remains limited, even among those who currently own it.
Nevertheless, for current holders of the leading cryptocurrency, it appears to address a specific issue: bypassing unreliable banking infrastructure or combating inflation.
This insight stems from recent research conducted by the U.S. Ivy League institution Cornell University, which surveyed nearly 26,000 individuals globally regarding Bitcoin.
In its newly released Bitcoin Adoption Index report, the prestigious university determined that El Salvador, Venezuela, and Nigeria recorded the highest percentages of people who have previously owned bitcoin.
“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 stated.
“In each, bitcoin functions less as a speculative bet and more as a practical workaround.”
Despite this, Cornell discovered that the majority of respondents struggled to articulate the underlying mechanics of the protocol, such as the maximum number of bitcoins that will ever exist. Specifically, 58% of surveyed participants admitted they were unaware that the total supply is limited to 21 million coins.
However, putting technical details aside, the cryptocurrency has continually demonstrated its utility for individuals seeking to use it, according to the study.
An anonymous Venezuelan participant informed researchers that Bitcoin represented a “faster, cleaner, and much less risky” alternative compared to alternative methods for acquiring U.S. dollars within the nation.
Meanwhile, a respondent from El Salvador noted: “When nobody controls [bitcoin], it means we all have control of it.”
Additionally, a Nigerian participant shared with Cornell investigators: “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.”
Adoption of Bitcoin began accelerating in Venezuela prior to other nations several years ago, as severe hyperinflation devastated the economy alongside strict government currency regulations that complicated efforts to obtain dollars.
In 2021, El Salvador established bitcoin as legal tender alongside the U.S. dollar. Although the nation’s leader acknowledged that encouraging citizens to adopt the cryptocurrency was challenging, the Central American government continues to purchase the digital asset for state reserves.
Within Nigeria, which has maintained some of the highest transaction volumes globally, certain residents utilize bitcoin as a savings vehicle to evade the devaluation of the naira.
The study by Cornell University was executed by Morning Consult alongside collaborative efforts from the Tech Policy Institute housed within Cornell University’s Jeb E. Brooks School of Public Policy, the Cornell Bitcoin Club, the Human Rights Foundation, and the Reynolds Foundation.
Between December 16, 2024, and March 10, 2025, investigators surveyed 25,880 individuals across 25 nations, presenting a total of 125 distinct questions.
What does Cornell University’s Bitcoin Adoption Index report?
The report surveyed nearly 26,000 people globally and found that countries with unstable currencies and poor banking access—specifically El Salvador, Venezuela, and Nigeria—had the highest share of people who have ever owned bitcoin.
Do most Bitcoin owners understand its technical details?
No, Cornell found that understanding of the protocol is shallow. For example, 58% of survey respondents did not know that Bitcoin’s total supply is capped at 21 million coins.
Why do people in Venezuela and Nigeria use Bitcoin?
In these economies, Bitcoin serves as a practical workaround to bypass hyperinflation, strict government currency controls, failing banking rails, and the collapse of the local currency.
Which organizations partnered with Cornell University for this research?
The research was fielded by Morning Consult in partnership with the Tech Policy Institute at Cornell’s Jeb E. Brooks School of Public Policy, the Cornell Bitcoin Club, the Human Rights Foundation, and the Reynolds Foundation.
