Bitcoin ownership peaks in El Salvador, Venezuela and Nigeria, Cornell study shows

A Cornell University survey of 25,880 people in 25 countries reveals that Bitcoin ownership is highest in El Salvador, Venezuela and Nigeria. The study links high adoption to economic pressure, limited access to U.S. dollars and weak banking infrastructure.

Top three markets

• El Salvador: 72% of respondents reported having owned Bitcoin.
• Venezuela: High ownership despite strict capital controls and a depreciating bolívar.
• Nigeria: Ownership cited as a practical solution for cross‑border travel and remittances.

Drivers of adoption

Respondents in countries with unstable currencies, limited banking services or difficulty obtaining U.S. dollars were more likely to own Bitcoin as a financial tool rather than purely for speculation. The survey notes that distrust of government and financial institutions correlated with higher ownership in 22 and 16 of the 25 markets, respectively.

Knowledge gaps

Overall awareness of Bitcoin’s technical limits remains low. Across all surveyed countries, 58% of participants did not know that Bitcoin’s supply is capped at 21 million coins. In the United States, 85% had heard of Bitcoin and 24% had owned it, yet only 6% were aware of the supply cap.

Usage versus ownership

The index measures whether respondents have ever held Bitcoin, not whether they continue to use it for payments. Former owners outnumber current owners in 18 of the 25 countries. In El Salvador, recent local surveys show a decline in daily Bitcoin transactions despite high ownership rates.

Demographic patterns

• Men are more likely than women to own Bitcoin in every surveyed market.
• People aged 30‑44 show the most consistent ownership.
• Lower‑income respondents report the highest ownership rates in 23 of the 25 countries.
• Higher formal education correlates with ownership in all markets except Lebanon.

Trust and risk perception

Across all countries, Bitcoin received an average trust score of 4.67 out of 10, lower than traditional assets such as gold or real estate. Forty‑five percent of participants view Bitcoin’s risk level as comparable to stocks.

Contrast with high‑income economies

In Japan, 88% of respondents have never owned Bitcoin and only 7% report current ownership, reflecting the reduced need for alternative financial tools in stable, high‑income economies.

Broader crypto activity

Separate data from TRM Labs shows that stablecoins dominate retail crypto activity in Venezuela, with USDT accounting for over 90% of peer‑to‑peer listings involving the bolívar in April 2026.