When the Banks Don’t Work, Bitcoin Does: Cornell University’s Adoption Index

Bitcoin Magazine

When the Banks Don’t Work, Bitcoin Does: Cornell University’s Adoption Index

A lot of people have heard of Bitcoin but even among those who hold it, knowledge is shallow.

Though for those holding the leading cryptocurrency, it appears to be solving a problem: getting around failing banking rails or inflation.

That’s according to new findings from the U.S. Ivy League research university Cornell, which spoke to nearly 26,000 around the globe about Bitcoin.

In its new Bitcoin Adoption Index report, the top college found that El Salvador, Venezuela and Nigeria were the countries that had the highest number of people who had ever owned bitcoin. 

“Ranked by the share of all respondents who have ever owned bitcoin, the leaders are not wealthy financial centers — they are economies where the national currency has been unstable and everyday access to dollars or reliable banking is hard,” the report read.

“In each, bitcoin functions less as a speculative bet and more as a practical workaround.”

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