A recent study has shed light on Vietnamese citizens’ intriguing crypto investment patterns. It reveals a unique reliance on friends’ recommendations and a vibrant interest in emerging trends.
The Dominance of Referrals
While the world increasingly turns to digital sources for investment advice, a staggering 75.5% of Vietnamese crypto investors rely on personal recommendations. This figure contrasts sharply with practices in the United States, where referrals impact only a fraction of crypto investment decisions.
Despite the heavy inclination towards referrals, traditional information sources like self-study, community groups, and media news remain pivotal. Approximately half of the respondents identified these methods as their go-to channels for crypto insights.
The “Vietnam Cryptocurrency Market Report” for H1 2023 presented an optimistic investor sentiment. A notable 70% felt that the tumultuous bear market was either behind them or approaching its conclusion. On the regulatory front, 75% wished for increased governmental oversight in the crypto domain.
Vietnam: A Rising Star in Crypto Adoption
Chainalysis’s latest data positions Vietnam at the pinnacle of global crypto adoption, second in decentralized finance (DeFi). An impressive 19% of Vietnamese adults now possess digital assets. However, a gap exists in educational infrastructure, with nine institutions offering blockchain-related courses.
Delving deeper into the investment trends, the report divulged:
- DeFi activities attracted nearly 90% of respondents.
- GameFi appealed to 70.2%.
- Nonfungible tokens interested 73.7%.
- Centralized finance was favored by 91%.
- SocialFi intrigued 54.9%.
Interestingly, there was an even distribution between preferences for centralized and decentralized exchanges, revealing a balanced investment approach.
The Rapid Evolution of Tech Trends
Vietnam’s tech landscape is a reflection of its agility and adaptability. Not long ago, the nation saw a surge in GameFi projects, numbering over a hundred. Today, the momentum has shifted towards the ‘Web3 builder’ movement, gaining prominence, especially post the GM Vietnam [Vietnam Blockchain Week] 2023.
The evolving crypto investment behavior in Vietnam, marked by a blend of traditional information sources and personal referrals, offers valuable insights. As the nation rides high on crypto adoption, the landscape promises more innovations and shifts in the coming years.
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