A multinational survey released by Cornell University shows that El Salvador, Venezuela, and Nigeria have some of the highest Bitcoin holding rates. The study suggests that in markets where local currencies are under pressure, banking services are inadequate, or it is difficult to obtain US dollars, Bitcoin is more often used as a real financial tool, rather than just a speculative asset.
Results of surveys in 25 countries
This survey covered 25 countries and 25,880 respondents, and was completed by Morning Consult between December 2024 and March 2025. The questionnaire consisted of 125 questions, mainly examining the holding, awareness, trust, and usage of Bitcoin.
According to public results, 72% of respondents in El Salvador stated that they have held Bitcoin at some point, ranking first, with Venezuela and Nigeria also showing high figures. The study suggests that such a high adoption rate is usually associated with inflation, capital controls, limited international payments, and difficulties in obtaining US dollars.
- The survey covered 25 countries.
- The number of respondents was 25,880.
- A total of 125 questions are set in the questionnaire.
Venezuela relies more on stablecoins
The report lists Venezuela as one of the markets with a high Bitcoin holding rate, but on-chain and transaction data indicate that in local transactions, US dollar stablecoins play a more significant role. TRM Labs estimates that the volume of retail crypto-related transactions in Venezuela in the first quarter of 2026 was approximately 17.9 billion US dollars.
According to their statistics, in April 2026, among the Binance peer-to-peer active orders involving Venezuelan Bolivars, USDT accounted for 90.2%. This reflects that in an environment of domestic currency devaluation, capital controls, and restricted bank channels, stablecoins hold a higher position in foreign exchange conversion and capital turnover than Bitcoin.
El Salvador holds more than is used for payments.
El Salvador ranks high, which is related to the policies promoted by the local government in the past few years. In 2021, the country legalized Bitcoin as legal tender and distributed Bitcoin rewards equivalent to $30 to users through Chivo wallets. Since the survey asked whether respondents had ever held Bitcoin, those who received rewards or had bought Bitcoin at some point were included in the statistics.
However, this does not mean that the daily usage rate for payments is also very high. The report cites local surveys stating that in 2024, only 8.1% of Salvadorans used Bitcoin to purchase goods or make payments, which is lower than the 25.7% in 2021, 21% in 2022, and 12% in 2023. Another poll indicated a transaction usage rate of 7.5% in 2024.
In February this year, after reaching a $1.4 billion, 40-month financing agreement with the International Monetary Fund, El Salvador also adjusted its arrangements regarding Bitcoin. Under the new framework, private enterprises can decide for themselves whether to accept Bitcoin, and taxes must be paid in US dollars; the government no longer provides a conversion guarantee between the two assets.
High awareness does not equate to deeper understanding.
The survey also shows that holding Bitcoin does not necessarily mean understanding its core mechanisms. In the overall sample, 58% of respondents were unaware that the maximum supply of Bitcoin is 21 million coins. Similar findings are observed in American data: about 85% of respondents have heard of Bitcoin, 38% believe they understand Bitcoin, but only 6% are aware of its maximum supply limit; another 24% indicated that they have held Bitcoin at some point.
In terms of trust, respondents from 25 countries gave Bitcoin an average trust score of 4.67 out of 10, which is lower than that of traditional assets such as gold, real estate, and their own national currencies. In contrast to these markets, in Japan, 88% of respondents have never held Bitcoin, and the current holders account for only 7%. The study suggests that in high-income economies with mature payment systems and a sufficient supply of financial products, the demand for Bitcoin as an alternative financial tool is relatively low.
