Countries with High Bitcoin Holdings Tend to Have Weak Banking Systems

A recent survey of over 26,000 people worldwide has found that countries with high Bitcoin holdings often share weak banking systems. The report, conducted by Cornell University in collaboration with various organizations, analyzed data from 25 countries and identified El Salvador, Venezuela, and Nigeria as top-ranked nations for Bitcoin adoption.

The research team found that Bitcoin is being used not merely as a speculative asset but as a practical workaround to bypass unstable financial systems. In these countries, respondents cited advantages such as faster and cleaner transactions, reduced risk, and the ability to use Bitcoin across borders.

One respondent in Venezuela stated that Bitcoin was 'faster, cleaner, and far less risky' than other ways to obtain dollars locally. A respondent in El Salvador noted that the decentralized nature of Bitcoin means 'we all control it.' In Nigeria, respondents praised Bitcoin's ability to be used across borders, reducing financial access burdens.