El Salvador Leads Bitcoin Adoption Amid Economic Instability

A recent Cornell University study on Bitcoin adoption found that El Salvador has the highest share of respondents who have owned Bitcoin, followed by Venezuela and Nigeria. The survey involved 25,880 people across 25 countries.

Economic instability and limited access to dollars were common factors in countries with high ownership rates. In these countries, people often used Bitcoin as a financial tool rather than solely for speculative investment.

The study found that respondents in countries with unstable currencies or difficulty obtaining U.S. dollars were more likely to use Bitcoin.

El Salvador led the ranking, with 72% of respondents saying they had owned Bitcoin at some point. The country introduced Bitcoin as legal tender in September 2021 and launched the Chivo wallet with a $30 incentive for users.