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More than three-quarters of individuals holding cryptocurrency in Vietnam base their investment choices on referrals from friends.
This information comes from a report dated August 30 by Vietnamese venture capital firms Kyros Ventures and Coin68, in collaboration with Animoca Brands. In a survey involving 3,300 participants, 75.5% acknowledged being “influenced by recommendations or referrals” in their cryptocurrency investments. This figure is 2.5 times higher than what has been reported in the United States.
Self-education, community groups, and media outlets were identified as the primary sources of information for Vietnamese cryptocurrency investors, with nearly half opting for these methods.
The "Vietnam Cryptocurrency Market Report" for the first half of 2023 also revealed that 70% of participants felt the bear market had either concluded or was close to its conclusion. Additionally, 75% of respondents expressed a desire for increased regulatory involvement in the cryptocurrency sector.
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According to Chainalysis, Vietnam currently ranks as the leading country globally for cryptocurrency adoption and second for decentralized finance (DeFi), with more than 19% of adults owning digital assets. In spite of this, only nine educational institutions in Vietnam offer blockchain courses, and merely eight blockchain infrastructure projects exist within the Southeast Asian nation.
Close to 90% of those surveyed participated in DeFi activities, compared to 70.2% for GameFi, 73.7% for non-fungible tokens, 91% for centralized finance, and 54.9% for SocialFi. Respondents showed an even preference between centralized and decentralized exchanges. The researchers concluded:
“The local tech advancements and trends are also evolving swiftly alongside global shifts. Indeed, it’s noticeable that there were over a hundred GameFi projects in Vietnam previously, and now we are witnessing the emergence of the ‘Web3 builder’ wave, particularly since GM Vietnam [Vietnam Blockchain Week] 2023."
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