As many as 72% of respondents from El Salvador have owned Bitcoin at some point, the highest rate globally according to a new index by Cornell University. The study, which surveyed 25,880 people across 25 countries with 125 questions per respondent between December 2024 and March 2025, also ranked Venezuela and Nigeria next in line.
High ownership rates were predominantly driven by lower-income respondents in 23 of the 25 surveyed countries. These users entered the crypto market out of tangible financial necessity, such as coping with inflationary pressures, strict capital controls, limited banking access, and difficulties securing US dollars.
Initial Incentives and New IMF Terms
Ownership in El Salvador peaked early on thanks to a $30 incentive in the Chivo wallet during the initial rollout, but active usage has consistently declined. The share of active users fell from 25.7% in 2021 to just 8.1% in 2024.
The downward trend continued following policy shifts in February 2025 after signing a $1.4 billion agreement with the IMF. El Salvador exempted private businesses from mandatory Bitcoin acceptance, required tax payments to be settled in dollars, and discontinued government-backed conversion guarantees.
A similar transition pattern emerged globally. The Cornell report noted that former owners outnumbered active holders in 18 of the 25 surveyed countries.
Familiar with the Name, Unfamiliar with the Rules
High adoption rates, however, did not align with technical literacy. Only 58% of global respondents were aware that Bitcoin’s maximum supply is capped at 21 million coins.
In the United States, 85% of respondents had heard of Bitcoin and 38% claimed to understand it, with 24% reporting they had previously owned it. In reality, only 6% of Americans actually knew about the 21 million supply cap.
The lack of technical understanding correlated directly with low confidence levels. Bitcoin’s average trust score across 25 countries stood at 4.67 out of 10, trailing behind gold, real estate, and national currencies.
Venezuela Opts for Digital Dollars
The situation differed in nations where crypto serves as a basic economic defense mechanism. First-quarter 2026 data from TRM Labs ranked Venezuela 17th globally for retail crypto activity, recording $17.9 billion in transaction volume.
Residents facing daily inflation pressure preferred transacting with digital dollars. USDT accounted for 90.2% of peer-to-peer trade offers paired with the bolivar on the Binance exchange platform.
Digital asset adoption surges when conventional banking systems stall, but user loyalty depends strictly on everyday utility. Once initial incentives fade, digital wallets are quickly abandoned and left empty.
Source: crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
