Crypto Scene In Vietnam Flourishing Rapidly

The recently published Vietnam Crypto Market Report has unveiled an interesting statistic: over 16.6 million Vietnamese citizens are now proud owners of digital currencies, with Bitcoin being the clear front-runner in terms of popularity.

This is a staggering number and indicates that Vietnam has become a major player in the global cryptocurrency market.

In addition, a highly reputable study has placed Vietnam at the forefront of crypto adoption, earning the country a perfect score of 1.000.

This makes Vietnam the world’s leading country in terms of embracing cryptocurrencies, an impressive feat for a nation that is still developing economically.

These findings highlight the growing interest in digital currencies among Vietnamese investors and suggest that the trend is set to continue for the foreseeable future.

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As the world becomes more digitally connected, it is likely that more and more people will turn to crypto as a viable investment option, and Vietnam is certainly leading the way in this regard.

Crypto Adoption is on the Up and Up

According to a recent report, an estimated 16.6 million Vietnamese individuals, accounting for roughly 17% of the country’s population, have invested in crypto. 31% have opted to purchase BTC making it the most popular digital asset in the country.

Interestingly, Vietnam has the second-highest number of crypto investors who hold onto their assets for the long-term in the Association of Southeast Asian Nations with only Thailand having more.

In addition to its significant number of crypto investors, Vietnam is also a hub for several innovative blockchain projects that primarily focus on GameFi, Web3, or Non-Fungible Tokens.

This suggests that the country is not only interested in investing in crypto but is also actively exploring the potential use cases of blockchain technology.

A Key Player in the Crypto Market

It would be fair to say that all of these findings demonstrate that Vietnam has emerged as a key player in the global crypto market and is making strides in adopting and exploring the potential of blockchain technology.

Vietnam has cemented its position as a significant player in the blockchain industry by founding seven of the top 200 blockchain organizations worldwide.

Among these organizations are Axie Infinity, along with Kyber Network, which has all made significant contributions to the development of blockchain technology.

Axie Infinity, for instance, has become one of the most popular blockchain-based games globally, boasting a user base that reached a peak of nearly three million at the beginning of 2022.

Although the user base temporarily dropped below one million in the following months, it has since spiked again at the start of 2023.

However, the game has had its fair share of challenges, including a major setback in March last year when the North Korean hacking group, the Lazarus Group, stole over $600 million worth of digital currencies from Ronin Network.

This Ethereum-linked sidechain powers Axie Infinity, and the hack prompted the project to improve its security policies and halt operations for three months before restarting.

Despite these challenges, Vietnam’s blockchain ecosystem continues to thrive, with startups and entrepreneurs exploring the potential of the technology and making strides in its development.

A Leader in Crypto Adoption

Vietnam has been named the world’s crypto adoption leader for two consecutive years. One possible factor driving this success could be the high interest in blockchain-based games in the region.

The Philippines, another Southeast Asian country, came in second place with a score of 0.753, while war-torn Ukraine was ranked third with 0.694.

Interestingly, most of the countries in the top 20 list were lower-middle-income economies, such as Nigeria and Indonesia, as well as upper-middle-income countries such as Argentina and Turkey.

The United States and the United Kingdom, two of the world’s leading economies, were also represented in the rankings, with the US ranking 5th and the UK ranks 17th.

Final Thoughts

Cryptocurrency adoption is not limited to high-income countries but is also thriving in emerging markets.

Moreover, it demonstrates that blockchain technology and digital currencies have the potential to democratize access to financial services and empower individuals in developing countries.

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