When the Banks Don’t Work, Bitcoin Does: Cornell University’s Adoption Index
By Mathew Di Salvo
AI summary of the source article
A new Bitcoin Adoption Index report by Cornell University surveyed 25,880 people across 25 countries between December 2024 and March 2025. The study found that El Salvador, Venezuela, and Nigeria had the highest shares of respondents who have ever owned bitcoin. In these countries, bitcoin functions as a practical workaround to overcome unstable national currencies, limited banking access, and strict monetary controls, rather than as a speculative asset. However, protocol knowledge remains limited among respondents; 58% did not know that bitcoin's total supply is capped at 21 million coins. The research was conducted with Morning Consult, the Human Rights Foundation, and other partners.
Why it matters
The research shows that Bitcoin adoption is driven primarily by necessity in economies facing currency instability and restricted banking access rather than by speculative interest in wealthy financial centers.
Key facts
- El Salvador, Venezuela, and Nigeria had the highest proportion of respondents who have ever owned bitcoin.
- 58% of surveyed individuals did not know that bitcoin's total supply is capped at 21 million coins.
- The survey included 25,880 people across 25 countries between December 16, 2024, and March 10, 2025.