According to Cornell University's Bitcoin Adoption Index, El Salvador leads global Bitcoin ownership with 72% of respondents having owned Bitcoin at some point, followed by Venezuela and Nigeria in second and third place respectively. The study, conducted by Morning Consult between December 16, 2024, and March 10, 2025, surveyed 25,880 participants across 25 countries to examine ownership, knowledge, trust, and usage patterns. As reported by Cornell University, people in countries with unstable currencies, limited banking access, or difficulty obtaining U.S. dollars were more likely to use Bitcoin as a financial tool rather than solely as speculative investment.
According to the study, Bitcoin often works as a 'pragmatic workaround' in economies where residents struggle to protect their savings, obtain dollars, or use reliable banking services. Researchers linked high ownership to local financial needs, including inflation, currency controls and limited access to international payment systems. In Venezuela, one respondent described Bitcoin as 'faster, cleaner, and less risky' than other methods of obtaining U.S. dollars, while in Nigeria, participants reported reduced financial difficulties when traveling across Africa. The index found that men were more likely than women to own Bitcoin in every surveyed country, with people aged 30 to 44 being the most consistent owners.
Despite high ownership rates, 58% of respondents were unaware that Bitcoin's protocol limits the total supply to 21 million coins. According to the study, about 85% of Americans said they had heard of Bitcoin, and 38% considered themselves knowledgeable about it, yet only 6% knew that its supply is capped at 21 million. The survey found that respondents gave Bitcoin an average trust score of 4.67 out of 10, with traditional assets like gold, real estate, and national currencies generally receiving higher trust ratings. 45% of participants viewed Bitcoin as carrying a level of risk comparable to stocks.
El Salvador's position at the top of Cornell's ranking follows more than five years of government support for Bitcoin, with the country introducing cryptocurrency as legal tender in September 2021 and launching the Chivo wallet with a $30 Bitcoin incentive for users. However, recent local surveys show declining Bitcoin payment usage, with a Universidad Centroamericana survey finding only 8.1% of Salvadorans used Bitcoin to buy goods or make payments in 2024, down from 25.7% in 2021. The country changed its Bitcoin rules after reaching a 40-month, $1.4 billion financing agreement with the International Monetary Fund in February 2025, with private businesses now choosing whether to accept Bitcoin and taxes required in U.S. dollars.
In the United States, 24% of respondents had owned Bitcoin at some point, though knowledge of Bitcoin's supply limit remained low. According to the study, Japan stood at the other end of the adoption table with 88% of respondents saying they had never owned Bitcoin, while 7% reported current ownership. The research project received $1 million to study how people living under authoritarian governments use Bitcoin and stablecoins to pursue financial security, with researchers conducting approximately 250 interviews alongside the 25-country survey.
