The Bitcoin Market Potential Index ranks the potential utility of bitcoin across 177 countries to show which countries have the greatest potential to see bitcoin adoption. The index utilizes a data set with 39 variables related to bitcoin’s current core functions: store of value, medium of exchange, and technology platform. Index rankings with standardized and normalized country level data both indicate that Argentina and Latin America are the country and region, respectively, where bitcoin has the greatest potential for adoption. It is argued that while bitcoin regulation can play an important, perhaps even decisive, role in bitcoin adoption it should be excluded as an index variable for now due to insufficient data and uncertainty over its ultimate impact.