Vietnamese Crypto Investment Behavior: The Power of Referrals and Trends in 2023

CryptoMode Vietnam Pi Network Crypto

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.

Check out our weekly crypto and fintech newsletter here! Follow CryptoMode on Twitter, Youtube and TikTok for news updates!

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.

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.