According to the “Vietnam Crypto Market Study 2022,” 16.6 million Vietnamese people are in ownership of digital currencies, with bitcoin being the most widely used one.
With a rating of 1.000, the Asian nation was ranked first in the world for bitcoin adoption in another study by Chainalysis.
According to the study, which was covered by a local media site, 16.6 million Vietnamese people, or roughly 17% of the population, had bought cryptocurrency. Bitcoin is the most favored digital asset with a 31% investment rate.
The study found that among the ASEAN member states, Thailand is the only one with more HODLers than Vietnam (ASEAN).
Vietnam is home to a sizable number of cryptocurrency investors as well as a number of blockchain initiatives that largely concentrate on GameFi (Game Finance), NFTs, or Web3.
Axie Infinity, Coin98, and Kyber Network are just a few of the top 200 blockchain companies that were started by Vietnamese people. One of the most well-liked blockchain-based games is Axie Infinity, which peaked at about three million users at the beginning of 2022. Before peaking once more at the beginning of 2023, the user base fell below one million in the months that followed.
After the Lazarus Group, a North Korean hacker group, stole over $600 million in digital currency from the Ronin Network, an Ethereum-linked sidechain that runs Axie Infinity, the game had a serious setback in March of last year. The project improved its security policy and restarted operations three months later.
The 2022 Global Crypto Adoption Index, a Chainalysis study, identified Vietnam as the global leader in crypto adoption, with a score of 1.000. The company asserted that one factor contributing to that success may be the region’s intense interest in blockchain-based games. It’s important to note that Vietnam also placed first in the research from 2021.
Another South East Asian nation, the Philippines, came in second with a score of 0.753, while the conflict-torn Ukraine came in third with 0.694.
Most of the top 20 countries on the list have upper- and lower-middle-income economies, including Nigeria and Indonesia (Argentina, Brazil, Turkey).
The United States of America and the United Kingdom, two of the world’s powerhouse economies, also managed to secure a spot, placing fifth and seventeenth, respectively.