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Cornell survey highlights Bitcoin use amid failing banking and inflation
The study found 58% of respondents did not know Bitcoin’s supply is capped at 21 million coins.
Bitcoin adoption is rising in countries where people face unstable currencies and limited access to reliable banking or dollars, according to Cornell University’s new Bitcoin Adoption Index.
Bitcoin Magazine reports Cornell surveyed 25,880 people globally about using Bitcoin, finding that El Salvador, Venezuela, and Nigeria led by the share of respondents who had ever owned the cryptocurrency. The report said the leading countries are not wealthy financial centers, but places where national currency instability is high and everyday access to dollars or reliable banking is difficult.
While adoption appears to help some users get around financial constraints, Cornell found most people struggle with basic protocol knowledge, including the fact that Bitcoin’s supply is capped at 21 million coins. Bitcoin Magazine said 58% of those surveyed did not know the supply cap.
The index also cited examples of why people use Bitcoin, including a Venezuelan interviewee who described it as faster, cleaner, and less risky than other ways to obtain dollars, and context from El Salvador’s 2021 decision to make Bitcoin legal tender alongside the US dollar. In Nigeria, the report said some users save in Bitcoin as a way to deal with disruptions such as a collapse in alternative options.
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