2.4% People from Bangladesh Hold Cryptocurrency

[flyingcarpet]

That was my surprise when I last time read this. This was a few months back when I read in one of the local newspapers where they mentioned around 4 million Bangladeshi people use Bitcoin and other cryptocurrencies. I didn't believe in that stats but today once again I found the same stats on another website namely Triple A, I have no idea about them. According to them, 2.4% of people are holding cryptocurrency in Bangladesh which I think is impressive. No matter whether most of them have invested just because they are greedy. Still, it's a piece of great news in my opinion. Bangladesh is one the countries where using Bitcoin is declared illegal by the government. But this number/stats say something we are going to get in the very near future. There was a discussion regarding cryptocurrency between some employees from Bangladesh Bank. They were hinting Bangladesh may legalize Crypto within 2/3 years. Maybe finally, it's happening.

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.

[n0ne]

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.

[stompix]

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.

It's like the first line in the article:

It is estimated that over 4 million people, or 2.4% of Bangladesh’s total population, currently own cryptocurrency.

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! 

[n0ne]

It is estimated that over 4 million people, or 2.4% of Bangladesh’s total population, currently own cryptocurrency.

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!  

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??

[bayu7adi]

There was a discussion regarding cryptocurrency between some employees from Bangladesh Bank. They were hinting Bangladesh may legalize Crypto within 2/3 years. Maybe finally, it's happening.

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

[pakhitheboss]

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

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.

[BALIK]

That was my surprise when I last time read this. This was a few months back when I read in one of the local newspapers where they mentioned around 4 million Bangladeshi people use Bitcoin and other cryptocurrencies. I didn't believe in that stats but today once again I found the same stats on another website namely Triple A, I have no idea about them. According to them, 2.4% of people are holding cryptocurrency in Bangladesh which I think is impressive. No matter whether most of them have invested just because they are greedy. Still, it's a piece of great news in my opinion. Bangladesh is one the countries where using Bitcoin is declared illegal by the government. But this number/stats say something we are going to get in the very near future. There was a discussion regarding cryptocurrency between some employees from Bangladesh Bank. They were hinting Bangladesh may legalize Crypto within 2/3 years. Maybe finally, it's happening.

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.

[Don Pedro Dinero]

2.4% of the population of Bangladesh is still too small. 

The percentage is not much higher in more developed countries.

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. 

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

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?

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.

[OcTradism]

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.

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

[Despairo]

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.

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.

[crypticj]

This sounds like A LOT. It's good to see that more and more people (especially in poor countries) are using crypto. I think crypto save lives of people who can't use their currency because of inflation.

But I don't know what crypto they are using. The problem is, it's probably not bitcoin. Because right now it's fluctuation pretty hard to for some people it's not really safe to hold their savings in BTC.

[Little Mouse]

The percentage is not much higher in more developed countries.

According to Triple A list, here's the top 5 countries most crypto ownership (by individual holder).

USA (46 million)
India (27 million)
Pakistan (26 million)
Nigeria (22 million)
Vietnam (20 million)

I don't know how much accurate this data is, not having China in the top 5 list is a surprise. I know China has banned cryptocurrency but it's also true that they have a lot of crypto users. Anyway, having 4 million from Bangladesh seems a great figure regardless. I believe this is going to be twice in the upcoming bull market. That's what attracts noobs investors lol.

But I don't know what crypto they are using. The problem is, it's probably not bitcoin. Because right now it's fluctuation pretty hard to for some people it's not really safe to hold their savings in BTC.

Maybe they are holding altcoins, maybe bitcoin but that doesn't matter. Trust me, I can guarantee that most of the investors from Bangladesh has been introduced with cryptocurrency because of memecoins like Dogecoin and Shiba Inu. I know a lot of people who was able to be rich by investing in Shiba Inu. But at the end of the day, they are cryptocurrency user/holder or whatever you tell them. Someday, they will turn into Bitcoiner maybe.

[AmoreJaz]

This sounds like A LOT. It's good to see that more and more people (especially in poor countries) are using crypto. I think crypto save lives of people who can't use their currency because of inflation.

But I don't know what crypto they are using. The problem is, it's probably not bitcoin. Because right now it's fluctuation pretty hard to for some people it's not really safe to hold their savings in BTC.

so long some of them are into crypto, they will spread good word if they are satisfied with this market. that small number will turn into bigger ones later on. they need to start from something, right?
but i thought this country is treating crypto as illegal. so it means some of its people still find a way to hold and use crypto. maybe, if their country will not ban the use of it, the adoption will further increase.

[NicNacCoin]

2.4% of the total population in Bangladesh is involved in cryptocurrency and is using Bitcoin directly and indirectly this is really surprising news. As a Bangladeshi citizen I cannot use Bitcoin directly and for transactions I have to do transactions on Binance P2P under the guise of avoiding the eyes of the law. One thing to note is that four million users in our country are using Bitcoin and it will become moreIf the government of our country allows us to use Bitcoin. Our country's government and legal system prohibits the trading and use of Bitcoin in such a way that anyone who trades Bitcoin will be punished under the Money Laundering Act. That's why the people of our country cannot use bitcoins spontaneously and the privacy of bitcoin transactions has to be maintained.

[cydrix]

It's great that some individuals even understand cryptocurrency and use it. The number is extremely astounding considering that cryptocurrency use is prohibited in Bangladesh, where I even recently heard in the news that authorities there often detain locals who have cryptocurrency wallets.
Cryptocurrency will keep rising in value as long as more people learn about it and discover it to be a better or safer sanctuary than banks, where they can retain or invest their money without worrying about other people or government authorities probing.

[DeathAngel]

Good luck to them, Bangladesh isn’t a very wealthy country so I totally applaud anybody who is trying to make a better life for themselves. 1 Bangladeshi Taka is 0.0093 United States Dollar (I Googled) so these people who are buying & holding bitcoin have my absolute respect.

[fuguebtc]

This sounds like A LOT. It's good to see that more and more people (especially in poor countries) are using crypto. I think crypto save lives of people who can't use their currency because of inflation.

But I don't know what crypto they are using. The problem is, it's probably not bitcoin. Because right now it's fluctuation pretty hard to for some people it's not really safe to hold their savings in BTC.

For high inflation countries like Turkey, and Venezuela, even bitcoin with greater volatility is better than holding fiat currency when inflation is up to 100%. Cryptocurrencies or bitcoins won't lift those poor countries out of poverty, but if people know how to capitalize on them and use them wisely, they can get out of financial trouble. That's why we see cryptocurrency widely used and popular in 3rd world countries and poor countries.
Not only Bangladesh, I hope the use and acceptance of cryptocurrencies will soon spread more in poor countries, and this is seen as an opportunity for everyone.

[aioc]

Good luck to them, Bangladesh isn’t a very wealthy country so I totally applaud anybody who is trying to make a better life for themselves. 1 Bangladeshi Taka is 0.0093 United States Dollar (I Googled) so these people who are buying & holding bitcoin have my absolute respect.

Not to mention that Bitcoin is illegal in Bangladesh they run the risk of getting charged in court and prosecuted and ending up in jail, this is the power of the internet these holders know the potential of Bitcoin because they can follow what's happening around the world and how Bitcoin create an impact so they prefer to take the risk and hope that when there's a shift in the government or there is a new administrator, that new administration is open for adoption of Bitcoin.

[jrrsparkles]

I am not sure about the accuracy of the news but I do believe that many of them are holding cryptocurrency assets especially from developing countries to fight the inflation rate in their own economy. When its completely declared illegal then users may face legal consequences and that is why we can't find exact numbers whereas Bangladesh is Islamic country so we need some Islamic scholar to do about what is bitcoin that can convince it doesn't go against the Muslim laws so country can legalize it atleast as an asset so they can generate revenue instead of pushing people towards black money concept.

[goldkingcoiner]

Well, seeing as that Bangladesh has already explicitly banned Bitcoin and other cryptocurrencies, I cannot see how anyone could accurately estimate the amount of Bangladesh people who own any kind of crypto. So the question is not only how did they figure out 2.4% as an estimate of holders but also could this number not be completely wrong due to the fact that many remain in the shadows and would rather keep their holdings a secret?

I think the number is grossly underestimated. A lot more people in Bangladesh are probably holding crypto...