Bitcoin Adoption Highest in El Salvador and Venezuela, Cornell Report Finds

Cornell University researchers have identified El Salvador, Venezuela, and Nigeria as the global leaders in Bitcoin ownership, according to a sweeping new adoption index based on responses from 25,880 people across 25 countries. The study, developed with the Cornell Bitcoin Club and the Human Rights Foundation, reveals that Bitcoin functions as a critical financial lifeline in economies plagued by unstable currencies and restricted banking access, rather than serving purely as a speculative asset. Survey of 25,880 Adults Marks Highest Ownership in Emerging Economies The Cornell Bitcoin Adoption Index, conducted via a 125-question survey between Dec. 16, 2024, and March 10, 2025, measured ownership, knowledge, trust, and usage patterns across diverse global markets. Morning Consult collected the data, while the study was commissioned by Cornell and developed with the Jeb E. Brooks School of Public Policy’s Institute for Technology Policy, the Cornell Bitcoin Club, the Human Rights Foundation, and the Reynolds Foundation. Market Rank Reported Bitcoin Ownership Key Economic Context El Salvador 72% of respondents Official legal tender status, dollarized economy Venezuela High exposure reported Inflation, currency controls, informal dollar market Nigeria High exposure reported Currency instability, cross-border payment needs El Salvador took the top position in the ownership ranking, with 72% of respondents confirming they had owned Bitcoin at some point. Venezuela and Nigeria also reported elevated exposure levels, despite operating under significantly different monetary and regulatory frameworks. Bitcoin as a "Pragmatic Workaround" in Strained Economies According to the study, Bitcoin often operates as a "pragmatic workaround" in economies where residents struggle to protect their savings, obtain U.S. dollars, or access reliable banking services. The researchers linked high ownership rates to specific local financial needs, including inflation, currency controls, and limited access to international payment systems. One Venezuelan respondent described Bitcoin as “faster, cleaner, and less risky” than other methods of obtaining U.S. dollars. Venezuela has long operated with an informal dollar market as residents seek alternatives to the bolívar and restrictions within the country’s financial system. In Nigeria, one participant told Cornell researchers that Bitcoin had reduced the financial difficulties of traveling across Africa, underscoring the cross-border utility of digital assets in regions with constrained financial infrastructure. Trm Labs Data Shows Stablecoins Dominate Venezuelan Trading Activity Separate data from TRM Labs supports the report’s description of digital assets as practical financial tools in Venezuela. TRM ranked the country 17th for retail crypto activity in the first quarter of 2026, estimating $17.9 billion in attributed volume. Its data showed that USDT accounted for 90.2% of active Binance peer-to-peer listings involving the Venezuelan bolívar in April. While Cornell’s research focuses on Bitcoin ownership, the TRM figures illustrate that dollar-linked stablecoins hold a larger role in current Venezuelan trading. TRM attributed the pattern to bolívar depreciation, capital controls, restricted banking access, and the country’s established informal exchange markets. The convergence of these two independent datasets paints a detailed picture of how digital assets function in emerging markets: Bitcoin as a store of value and medium of exchange in dollarized contexts like El Salvador, and stablecoins as the dominant trading instrument in Venezuela's volatile economic environment. Study Methodology and Broader Implications for Global Crypto Adoption The Cornell survey sample represents one of the largest cross-country examinations of Bitcoin adoption to date, covering both developed and developing markets. By measuring not just ownership but also knowledge, trust, and usage, the researchers aimed to move beyond simple price-driven adoption metrics and capture the real-world utility of Bitcoin. Researchers emphasized that Bitcoin ownership does not necessarily correlate with wealth or technological sophistication. Instead, the study found that residents of 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 a speculative investment. The findings carry significant implications for policymakers and financial institutions evaluating the role of digital assets in global finance. As traditional banking systems fail to serve certain populations, Bitcoin and stablecoins have emerged as alternative rails for savings protection, value transfer, and international commerce - trends that regulators worldwide are now being forced to address. Which Countries Have the Highest Bitcoin Adoption According to Cornell? El Salvador leads with 72% of respondents reporting past Bitcoin ownership, followed by Venezuela and Nigeria. The study surveyed 25,880 people across 25 countries and found that adoption correlates with economic instability and limited access to traditional financial services. How Many People Were Surveyed in the Cornell Bitcoin Adoption Report? The study collected responses from 25,880 participants between Dec. 16, 2024, and March 10, 2025. Morning Consult conducted the 125-question survey, which covered ownership, knowledge, trust, and usage patterns across 25 global markets. Why Is Bitcoin Adoption Higher in Countries Like Venezuela and Nigeria? Researchers found that Bitcoin serves as a "pragmatic workaround" in economies where residents struggle to protect savings, obtain U.S. dollars, or use reliable banking services. Inflation, currency controls, and limited access to international payment systems were cited as primary drivers of adoption. What Role Do Stablecoins Play in Venezuela's Crypto Economy? TRM Labs data shows that USDT accounted for 90.2% of active Binance peer-to-peer listings involving the Venezuelan bolívar in April. TRM estimated $17.9 billion in attributed retail crypto volume for Venezuela in the first quarter of 2026, with stablecoins dominating current trading activity. When Was the Cornell Bitcoin Adoption Survey Conducted? The survey data was collected between Dec. 16, 2024, and March 10, 2025. The report was commissioned by Cornell University and developed with the Jeb E. Brooks School of Public Policy's Institute for Technology Policy, the Cornell Bitcoin Club, the Human Rights Foundation, and the Reynolds Foundation.