Bitcoin Adoption Soars in Unstable Economies, but Knowledge Remains Low

Cornell University's survey of 25,880 people across 25 countries found that Bitcoin ownership is highest in El Salvador, where a staggering 72% of respondents claim to own some amount of the cryptocurrency. Venezuela and Nigeria follow closely behind with significant numbers of Bitcoin holders.

The study cites economic instability, limited banking access, and difficulty obtaining U.S. dollars as primary drivers of Bitcoin's adoption in these countries. Despite its widespread ownership, however, knowledge about Bitcoin's capped supply of 21 million coins remains surprisingly low globally, including in the U.S., where only 24% of respondents reported owning some amount of Bitcoin.

The survey highlights Bitcoin's role as a pragmatic alternative in unstable economies but notes that ownership does not always translate to active use. In fact, recent data shows that Bitcoin payment usage has declined in El Salvador, despite high levels of ownership.