The “Vietnam Crypto Market Report 2022” revealed that 16.6 million Vietnamese own digital currencies, with bitcoin being the most popular asset.
Another investigation carried out by Chainalysis placed the Asian country as the world leader in cryptocurrency adoption, with a score of 1,000.
near the top
The study, reported by a local news outlet, estimated that 16.6 million Vietnamese had purchased cryptocurrencies (approximately 17% of the country’s population). 31% of them have invested in bitcoin, making it the preferred digital asset.
The investigation determined that Thailand is the only country with more HODLers than Vietnam in the Association of Southeast Asian Nations (ASEAN).
In addition to having a considerable number of crypto investors, Vietnam is also home to multiple blockchain projects that mainly focus on GameFi (Game Finance), NFT, or Web3.
The Vietnamese have founded seven of the top 200 blockchain organizations globally, with Axie Infinity, Coin98, and Kyber Network being some of the examples. Axie Infinity is among the most popular blockchain-based games, reaching a peak of nearly three million users in early 2022. The user base fell below one million in the following months before rising again in early of 2023.
The game suffered a severe setback in March of last year after the North Korean hacking collective, the Lazarus Group, exhausted over $600 million worth of digital currencies from the Ronin Network, an Ethereum-linked sidechain that powers Axie Infinity. The project improved its security policy and resumed operations three months later.
A world leader according to Chainalysis
“The Global Crypto Adoption Index 2022”, a study by Chainalysis, border Vietnam as the world leader in cryptocurrency adoption, reaching a score of 1,000. The platform claimed that one of the reasons behind that success could be the strong interest in blockchain-based gaming in the region. It is worth noting that Vietnam also ranked first in the 2021 research.
The Philippines, another country located in Southeast Asia, ranked second with a score of 0.753, while war-torn Ukraine ranked third with 0.694.
Most of the nations in the top 20 list included lower-middle-income economies, such as Nigeria and Indonesia, and upper-middle-income economies (Argentina, Brazil, Turkey).
Two of the world’s super economies, the United States of America and the United Kingdom, also found their place, ranking respectively in fifth and seventeenth place.
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