Vietnam’s Crypto Surge: A Beacon of Growth Amidst Global Economic Challenges

Key Points:

• 75.5% of Vietnamese investors rely on friend referrals for crypto choices, surpassing U.S. figures by 2.5 times.
• Amid global challenges, the country thrives with strong Binance trading and a growing presence in blockchain projects.
• With 20 million owners, Vietnam leads in adoption, projecting $109.4 million in revenue by 2023 and 12.37 million users by 2027.

Amidst the global economic challenges, Vietnam has emerged as a bright spot in the Asian market, shining particularly in the realm of cryptocurrencies.

A recent report jointly conducted by Vietnamese venture capital firms Kyros Ventures and Coin68, alongside Animoca Brands, revealed a remarkable trend.

Over 75.5% of Vietnamese crypto holders, participating in a comprehensive survey of 3,300 individuals, disclosed that their investment decisions were influenced by recommendations or referrals from friends. This percentage surpasses similar figures in the United States by 2.5 times.

The country’s economy has upheld a sense of optimism, providing a robust foundation for the continuous growth of the cryptocurrency market. The nation has left an indelible mark on the global blockchain landscape, reflecting its resilience.

Notably, Vietnam ranks within the top 5 countries for Binance trading volume, as reported by The Wall Street Journal.

Market statistics from Statista project the Vietnamese cryptocurrency revenue to reach $109.4 million by 2023, with the user count predicted to surge to 12.37 million by 2027. Impressively, over 20 million individuals are already cryptocurrency owners, according to data from Triple-A.

The country has witnessed the emergence of more than 200 blockchain projects across diverse sectors as of December 2022.

For Vietnamese crypto investors, self-study, community engagement, and media sources are the primary channels of information.

The H1 2023 Vietnam Crypto Market Report further reveals that 70% of respondents believe the bear market has either ended or is nearing its conclusion. However, regulatory oversight is desired by 75% of those surveyed.

Notably, Chainalysis ranks Vietnam as the global leader in cryptocurrency adoption and second in decentralized finance (DeFi) participation, with an impressive 19% of adults owning digital assets.

Huobi Research also hails the country as the world’s leader in cryptocurrency adoption rates, underscoring its rapid embrace of digital financial technologies. This Southeast Asian nation continues to captivate experts and enthusiasts alike with its growing influence in the cryptocurrency realm.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.