Bitcoin Challenges the Dollar in El Salvador, Venezuela, and Nigeria

A survey conducted by Cornell University, involving 25,880 people across 25 countries, revealed that El Salvador, Venezuela, and Nigeria have the highest proportions of participants who have owned Bitcoin (BTC). El Salvador leads with 72%, followed by Venezuela and Nigeria at 44% each. These results are observed in economies facing monetary pressures and difficulties accessing dollars. Although the study does not establish a direct relationship between these factors and Bitcoin ownership, it suggests that some citizens view the asset as an alternative to weakened currencies and banking restrictions. The survey also shows that 90% of respondents are aware of Bitcoin, but only 30% have ever owned the asset, and just 13% currently hold it. Among those who own or have owned BTC, 79% did so for investment purposes and 73% for personal freedom. However, 49% consider Bitcoin to be riskier than gold, and 46% see it as a higher-risk bet compared to the dollar and the real estate market. This indicates that while Bitcoin generates interest in countries with monetary pressures, the perception of risk and low current ownership contrast with its appeal.

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