In the country that I live, Bitcoin has a stigma of being a scam because our own government warn the public to not engage on Bitcoin investment due to a lot of scam involves it and the volatility is high. Most of the people here including the old professional don’t dare to touch it despite Bitcoin already has good price history.
Bitcoin is officially banned in my country(Bangladesh) like yours to the point where we can't talk about Bitcoin openly. If the government police force deals on Bitcoin or does any activity online, They identified and brought under the law and faces exemplary punishment. Money Laundering Act of 1972 was passed in Parliament in our country to prevent people from getting addicted to Bitcoin.
However, for the past few years, some politicians of our country have discussed the legitimacy of Bitcoin several times in the Parliament, but there is no positive response from the government. Our country's neighboring country India has legalized bitcoins by taxing them above 30% in parliament while my country is afraid to even research on bitcoins.
But the happy thing is that about 4M people in our country are indirectly familiar with Bitcoin and involved in Bitcoin investment and transactions. However, if there is a positive response from the government, people in our country will be able to spontaneously engage in Bitcoin transactions and use.
Now coming to the main point, my country is facing tough economic problems and especially due to inflation common people are afraid to save money in banks. In such a situation, the government has taken a tough precautionary decision on investing in bitcoins and the government has termed investing in all types of bitcoins as a tough risk. Such a situation people of my country are not trusting the banks but quietly they are deciding to invest in bitcoins and make long term holdings.