Cornell Study Reveals Top Countries for Bitcoin Adoption and Misconceptions about Total Supply

A recent study by Cornell University has shed light on the adoption of Bitcoin across various countries. The research, conducted in 25 global nations and involving 25,880 participants, found that El Salvador, Venezuela, and Nigeria lead the pack when it comes to Bitcoin ownership.

According to the report, in these economies where local currencies are unstable and access to USD or reliable banking services is limited, Bitcoin has primarily served as a practical means of exchange rather than an investment tool.

One Venezuelan participant noted that using Bitcoin for obtaining US dollars was 'faster, cleaner, and less risky' compared to other methods. A Salvadoran respondent stated that the decentralized nature of Bitcoin meant that everyone could own it without external control, while a Nigerian participant mentioned being able to use Bitcoin across multiple African countries without worrying about local currencies.

Interestingly, however, 58% of respondents were unaware that the total supply cap for Bitcoin is 21 million units. The study was commissioned by Cornell University and conducted in collaboration with various institutions between December 16, 2024, and March 10, 2025.