Vietnam in global top 10 for cryptocurrency ownership rate
The Covid-19 pandemic has attracted capital from Vietnamese investors in cryptocurrencies. About 6 million Vietnamese own digital assets.
In an interview with Techinasia, investor Nam Nguyen, 25, said he invested $3,000 in the cryptocurrency market during the boom in March 2021. The profit he earned was used to maintain his restaurant after the social distancing period in Ho Chi Minh City. He continues to invest in this market.
“Unlike the stock market, the cryptocurrency sector is more convenient for me because it operates 24/7. I often wake up late and miss the morning session of the stock market," said Nam.
According to data from cryptocurrency payment company Triple A, about 6 million Vietnamese own digital assets, equivalent to 6% of the population. Vietnam is ranked 9th on Triple A's ranking of countries with the highest percentage of users holding cryptocurrency in the world.
According to rankings by analytics firm Chainalysis, cryptocurrency adoption among individual investors increased by 881% in 2021. Vietnam, India, Pakistan, and Ukraine are the leading countries in this ranking.
According to Techinasia, although digital assets have not been recognized and protected by Vietnamese law, the blockchain field is still becoming an investment trend, especially for the middle-aged generation and the Gen Z.
Finder.com’s report released last August shows that Vietnam is the leading country in terms of cryptocurrency usage. This data comes from a survey of 42,000 people across 27 countries.
Specifically, besides Vietnam, other emerging economies such as India and Indonesia are also leading the trend of using cryptocurrencies. According to Finder, the rate of cryptocurrency usage among respondents in Vietnam was 41%, of which the number of people who have bought Bitcoin was 20%.
Except for India, the top four names in the survey are Southeast Asian countries including Indonesia (30%), Malaysia (29%), and the Philippines (28%). The rest are mostly located in the Americas, Europe and East Asia.
The UK and the US are the two countries with the lowest rate of cryptocurrency usage in the survey, with 8 and 9% respectively.
In a June 2021 report from CoinTelegraph, Vietnam ranked 13th in the world in terms of Bitcoin investment rate in 2020.
Investors who bought bitcoins for $35,000 in July will make substantial profit if they sell now, when prices are high.
The move is part of a national strategy to promote non-cash payment in Vietnam in the 2021-2025 period.