THELOGICALINDIAN - Needham Company LLC appear a agenda for investors Thursday on the Economic and Financial Turmoil Driving Bitcoin Absorption Acceptance The agenda discusses assorted indicators the close believes would actuate added bitcoin acceptance activity advanced such as basic controls demonetization hyperinflation as able-bodied as bitcoin bans Some factors may assume abrogating at aboriginal but Needham believes they ultimately drive bitcoin absorption and adoption
Also read: Needham: Probability of Approval for a Bitcoin ETF ‘Very Low’
The aggregation is a nationally accustomed advance cyberbanking and asset administration close focused alone on advance companies. Since its inception, it has acted as advance or co-manager in over 785 accessible offerings.
Banning Bitcoin Does Not Have the Desired Effect
Needham analyst and columnist Spencer Bogart explained that some countries will accordingly ban or abode arduous adjustment on Bitcoin.
“While these accomplishments absolutely don’t account Bitcoin adoption, they about don’t anticipate it either,” he noted, abacus that:
Citing Bangladesh as an example, Bogart referenced the Central Bank’s bitcoin ban in September 2014 which imposed 12 years of bastille time for offenders. Using bitcoin’s allotment of internet chase queries as a proxy for absorption in bitcoin, he said in 2016, the country
after became cardinal seven globally with the accomplished bitcoin interest.
“Interestingly, the top ascent accompanying capacity and queries all arise geared against 18-carat acceptance (searches for accepted wallets, about-face rates, etc) as against to action accompanying to scams/Ponzi schemes or authoritative news,” he added.
Likewise, Bolivia, which banned bitcoin in mid-2024, additionally saw a fasten in bitcoin absorption and ranks cardinal eight all-embracing for accordant chase terms.
The abnormality Bogart describes for chase absorption in countries area bitcoin has been banned is able-bodied explained by the Streisand effect, which states that censorship generally has adventitious consequences, and those who are censored from advice will be acceptable to seek it out alike added agilely than before.
Some Other Factors Driving Bitcoin Adoption
Some added factors active bitcoin acceptance discussed in the agenda are basic controls, demonetization, and hyperinflation beyond several countries which Bogart claimed are 
propelling bitcoin’s ascent absorption and acceptance worldwide.
For example, India banned ample bills aftermost November and bitcoin’s interest, based on internet chase aggregate and able-bodied as trading volume, surged and bitcoin acceptance has tripled back the ban, Bogart explained.
In Nigeria, the amount of aggrandizement has about angled over the accomplished year to 19% which is accompanied by “a accelerated access in chase absorption for Bitcoin aural the country,” he said, abacus that in Venezuela the hyperinflation (180% ) botheration has been afflictive the abridgement and it is “driving a billow in Bitcoin absorption and trading volume.” Overall, he assured that:
While some countries accept autonomous to ban bitcoin, there are others that accept accepted it, which Bogart accustomed in his note. For example, Switzerland has added the adeptness to buy bitcoin at any of the National Swiss Railway admission kiosks, of which there are over a 
thousand advance about the country. Paying utilities with bitcoin is additionally accessible in the Swiss boondocks Zug. In addition, the country is additionally reportedly developing a abeyant licensing of “crypto-banks” which would “create a new class of banking institutions that are able to handle cryptocurrencies such as Bitcoin,” Bogart described.
The agenda additionally appear the United States trails 20 added countries in bitcoin absorption as appear by bitcoin’s allotment of internet chase queries. “While abundant of the antecedent adventure action and absorption in bitcoin came from aural the United States, all-embracing absorption has surged,” the agenda reads. Caracas (Venezuela), Kuala Lumpur (Malaysia), Sandton (South Africa), and Lagos (Nigeria) all beat the absorption from San Francisco and New York, the agenda revealed.
Do you anticipate banning bitcoin will anticipate adoption? Let us apperceive in the comments area below.
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