Topic: 2.4% People from Bangladesh Hold Cryptocurrency - page 2. (Read 407 times)

That's what privacy is really important in this matter, the government didn't take any action to people who are holding Bitcoin because they've exposed yet or the amount is still not worth for them to confiscate. Remember, police will take an action if you're name is big or you're a wealthy person because chasing a big name will increase your fame and chasing a wealthy person, you will make money from it.

So for people who hold big amount Bitcoin and live in a country where Bitcoin is illegal, they need to be careful.

With this global exponential growth curve for Bitcoin adoption, what will be your local adoption in next 10 years?

I think it will be exponential too except if you are living in countries which very strictly censored for Internet and Bitcoin.

Bitcoin took 6 months to get 1000 users; 5 years to find 1 million users.
An objective look at Bitcoin adoption

The percentage is not much higher in more developed countries.


Yes, we have yet to see a major adoption around the world in the coming years.


No, you are not the only one. Even in countries where adoption is growing very fast, it is difficult to see it. If you have 2.5% adoption in a country and it's growing at 10% a year, that means going from 2.5% to 2.75% in a year, which you're not going to notice much on the street, but I think adoption will end up growing exponentially and you'll have growth of 30 or 50% a year and even more, which you'll inevitably notice.

Just like the survey in China, although the government has issued a complete ban on cryptocurrencies, many people are still using and investing in cryptocurrencies, and bitcoin mining is still implemented underground in some provinces. Show that banning cryptocurrencies is an impossible task for the government.
Nowadays, not many countries ban bitcoin anymore, many countries have realized the potential of bitcoin and started to adopt it to some extent. Not only with Bangladesh, I believe that in the near future, the governments that are banning bitcoin will also soon change the regulation and accept bitcoin, bitcoin is inevitable.

None of these countries will legally adopt cryptocurrency. Corruption, political unstablity and COVID are to be blamed for the bad economic conditions of Pakistan and Srilanka. Bangladesh is in a far better situation than the latter.

Why would IMF ask these countries to legally accept cryptocurrency. IMF would want these countries to come up with a framework on how to counter crypto adoption. None of the financial institutions support or want crypto. They are only looking for ways to make money out of cryptocurrency without being part of it.

It seems that we can expect this to happen soon. Based on the news, it appears that the International Monetary Fund (IMF) is urging Bangladesh to create a clear policy on cryptocurrency. From my understanding, this is a push from the IMF to legalize cryptocurrency in Bangladesh, in order to accelerate economic growth post-Covid-19 and amid the ongoing conflict between Russia and Ukraine.

Bangladesh, Pakistan, and Sri Lanka are expected to see improved economic growth by legalizing cryptocurrency, which could help them pay off their debts more quickly. The United Nations (UN) has also called on India to encourage G20 members to assist Bangladesh, Sri Lanka, and Pakistan.

source : link
source 2 : link

Yeah, my calculation missed. The population is around 180 million, based on this what we have as 2.4% is really big number. Atleast people are prepared enough to hold bitcoin. Slowly the need makes them focus on different ways of using bitcoin. Above all proper education is the one thing that drives people into proper adoption and get into more real-time usage. How far Bangladesh government is supportive in this isn't known??

It's like the first line in the article:

Bangladesh has ~170 million people, not 1.8!

Anyhow, this 2 - 3 % I've seen lately are coming back down to a more credible number than 20% for some countries which is simply ridiculous, we're nowhere near that level at adoption yet, and if we were at that with these low prices and even low number of transactions and businesses accepting crypto it would be completely weird near impossible.
So, a long way still to go! 

Country with 1.8 million population having 2.4% of cryptocurrency holders is a great thing. However when calculated mathematically the holders count is less than 45k. Based on the news what I read years back, the present growth is really big. Earlier few people holding cryptocurrency were arrested by the police. No one were allowed to hold or trade cryptocurrency. From that situation to what we're experiencing at the present is completely different.

Bangladesh is stated as one of the growing economy of the world. Maybe the governments might've thought of bitcoin as a disturbance to the economy. For that reason it might've been announced illegal.

Progress cannot be made with a prohibitive mindset. That's why in many parts of the world these bans will come to an end over time. In places where it is not prohibited, it will be formalized.

The harder the life people live, the harder they try to improve their lives. I think there are many countries similar to such countries. People living there are trying to make their lives better by relying on bitcoin. This is a very normal situation. Congratulations to those people for what they did.

Am I the only one who sees that there is always rapid growth and massive adoption of crypto, even if it's secretly in countries where the government always turns out to be against the currency?

This is just something I see now as normal. The government will make Bitcoin illegal and want to punish everyone who is using it, but this is the time that people always want to start using that currency more. This is because most times they believe that there is something special about that thing that the government said they should not use or that might also be a greater threat in one way or another to the government. Let me use my country (Nigeria) as an example. Since the crypto ban, all I can read and see in the news is the rapid increase in the use of Bitcoin and other crypto currencies by Nigerian citizens.

The citizens of Bangladesh know what they want, and they know what's best for them even if the government says it's illegal. All they need is an internet connection, and they will engage in whatever crypto transaction they want to do. The dedication of citizens and their continued resistance bring more pressure on them for more pressing laws, but in cases like this, when the government sees how people are using the currency and they can't control or victimize those using it, the best thing they can do is embrace it with a little form of regulation that will protect its citizens from being exploited by foreign crypto projects and exchanges that might have an interest in operating in Bangladesh. It's just a matter of time before the country makes a move to legalize Bitcoin, just as you have stated that a few bank workers are already in discussion about it.

2.4% of the people in the country must have the balls to do things despite some news where people are arrested.  You can just say the incentive of owning BTC is more enticing and that risking is more worth than just saving money in the bank.

The country I believe also can be compared to Sri Lanka where people are working hard every day for pennies. If I were also a citizen of the country, I would also be engaging in crypto.

Hopefully soon that restriction will be lifted and the Bangladesh government will see the importance of adopting Bitcoin. It's a good news to see that there are still this percentage of people that holds crypto there despite the declaration of the government that it's illegal to have it.
Nothing can stop people from transacting in Bitcoin and they can't be traced unless they'll vocally say that they're into it. I wouldn't even be surprised if this number will grow in the next couple of years and that decision might also come out from the government that they're now be removing any restrictions that's placed upon the crypto market there.

If the statistics are true and accurate, then surely the Bangladesh government should consider softer regulations for crypto users. If they ban bitcoin or other altcoins as a means of payment, then in no way should they ban trading that could ultimately benefit both parties. Trade legalization is expected as a first step, but I don't know what the status is now.

Bitcoin adoption is expected everywhere, but it is not the duty of governments to legalize bitcoin as a means of payment as long as they have a centralized financial system. I think 2/3 years is too close for adoption status, but who knows if the government finally approves it.

It is good some people even are aware what crypto is and even hold it. For a country like Bangladesh where it is illegal to use cryptocurrencies, where I even read on the news about how the police do arrest any citizen of it with crypto wallets, the figure is quite impressive.
Crypto will continue to gain value as long as more persons get introduced to it and have found it as a better or safer haven than the banks, where they can keep or invest their funds without anyone or agencies prying.
BTC will gain more dominance with this figure doubling in coming years and there would be need to make it a legal tender if possible.

The people of Bangladesh needs to be in crypto than to be out of crypto, for a country with a very bad economy like Bangladesh, Pakistan, Iran and others need to be into crypto than to be out of crypto because their governments don't give a heck about the people, the best coin that's worth calling people's coin is BITCOIN.

I have few friends that are from Bangladesh and I know them through online gaming and yes they do know about Bitcoin but most of them are learning trading, instead of holding Bitcoin for long term, few said they make money from playing Axie Infinite but I doubt they are still in this game because Axie is no more profitable like it used to, people living in Bangladesh are really struggling.  

2.4% of the population of Bangladesh is still too small.  This simply implies that Bitcoin has still lots of room to grow.  Imagine if the adoption reached at least 25% of that population, that is automatically 10X more people that use and hold Bitcoin.  That means around 40m people in Bangladesh alone is using and holding Bitcoin.  If that happen we can see a dramatic increase of bitcoin demand thus pushing the price of Bitcoin to a new height.


If Bangladesh legalizes Bitcoin in the coming years, the given statistics will surely balloon.  That incident might bring new hype to the market and may cause new demand to pour in.

According to the worlddata.info, the average inflation rate of Bangladesh from 1987 to 2022 is 6.5% per year and there has been a continuous increase in the price of goods. What cost 100 takas in 1987 cost 889.06 takas at the beginning of this year which is a 789.06℅ increase. Keeping or saving the local currency is a poor financial decision because it will lose value in a few years. The people of Bangladesh see bitcoin as a true hedge against inflation that's why they are using and investing in bitcoin.

Commercial Banks in Bangladesh are not healthy and cannot be trusted. Most of them are suffering from the effect of financial irregularities and bad debt. People prefer to be their own bank because these banks are not trustworthy and Bitcoin and others are the best and easiest options.

https://www.worlddata.info/asia/bangladesh/inflation-rates.php

This is actually good news for Bangladesh and the Bitcoin community as well, if Bangladesh legalizes crypto in the coming years it would be really amazing imo. With a population of almost 170 million[1] the country could add a lot to Bitcoin, and the community would undoubtedly grow larger.

It's impressive that even though Bitcoin isn't yet legalized in their country 2.4% of the population is already into it, this shows that they are forward-thinking and recognize the potential of blockchain technology for their future.

[1]: https://www.worldometers.info/world-population/bangladesh-population/

From the looks of it I'd say the Bangladeshi government simmered down on their crusade against bitcoin, otherwise such a high number as 4 million confirmed active users wouldn't show up like that. I'm not saying they completely accepted bitcoin, coz no news of this thing ever going out has been released yet, but at the very least this means that whatever efforts they have made in the past either didn not work anymore, or they have stopped for some reason in favor of more upfront issues that the country is facing. Whatever that could be, this is a great gateway to better introduce bitcoin in the country. A chance to take a step with the right foot you know what I'm saying? Anyhow, nothing new about this, Bangladesh government still hates crypto, citizens finding out ways to get around this ban, yada yada.