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Crypto flourishes in Vietnam with 16.6M holders

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Just a handful of the top 200 blockchain startups that were founded by Vietnamese citizens are Axie Infinity, Coin98, and Kyber Network. Axie Infinity, one of the most popular blockchain-based games, peaked at roughly three million users in the start of 2022. The user base declined below one million in the months that followed, until rising once more towards the start of 2023.

Axie Infinity suffered a significant setback in March of last year after the Lazarus Group, a North Korean hacker outfit, stole more than $600 million in digital money from the Ronin Network, an Ethereum-linked sidechain. The project resumed operations three months after completing security policy modifications.

Crypto and the board leader

Vietnam has the highest rate of cryptocurrency acceptance globally, according to Chainalysis’ report, “The 2022 World Crypto Adoption Index,” with a score of 1.000. The company claimed that the region’s fervent interest in blockchain-based games may be one cause in that success. It’s significant to note that in the research from 2021, Vietnam likewise came out on top.

Most of the top 20 nations on the list, including Nigeria and Indonesia, have upper- and lower-middle income economies (Argentina, Brazil, Turkey).

The two powerhouse economies throughout the world is US and UK. They also tries to secure spot by fifth and seventeenth position respectively.

Investing in cryptocurrency

A few advantages of investing in cryptocurrencies include better returns, diversification, more control over one’s resources, and anonymity.

The erratic nature of cryptocurrencies like Bitcoin, the allure of large profits, and the chance to have more control over one’s wealth all draw in investors.

Factors that led to the increase in the trading

Vietnamese workers abroad must send money home to their relatives to help them.

Traditional banks, however, impose steep fees for handling overseas transactions. As a result, people have shifted to alternatives like Bitcoin to securely conduct digital transactions free from centralised control or political influence.

Since they can complete transactions with little transaction fees, this strategy has aided in the growth of cryptocurrencies.

The support government gives and campaigns cryptocurrency

Due to the significant conflicts that Vietnam fought between 1946 and 1975, the country experienced significant economic instability and inflation.

Conventional banks only offer a small number of access points and poor profits.

 As a result, people have turned to Bitcoin as a substitute to protect their wealth in a decentralised system. Everyone with an internet connection can use cryptocurrencies.

The tech industry and the trading company

The gaming and technology sectors in Vietnam have expanded significantly. Blockchain games are played by users to gain prizes. Blockchain developments, notably those centred on game finance, have been concentrated in Vietnam (GameFi). In this nation, 7 of the top 200 blockchain firms were founded. According to the analysis by VCMR, with 31% of its population holding Bitcoin, Vietnam is the ASEAN (Association of Southeast Asian States) region’s second-largest country in terms of the number of cryptocurrency holders, after Thailand. The nation has significantly influenced the crypto community.

The rapid growth in cryptocurrency

Gold and other precious metals have long been highly valued in Vietnamese culture. The younger generation might take advantage of a budding sector by using this digital area. Vietnamese people have started amassing gold as an inflation hedge. The Vietnamese formerly owned 400 tonnes of gold. Locals in Vietnam who lack access to conventional banks can participate in the global economy by using cryptocurrencies like Bitcoin.

Due to a number of verifiable variables, Vietnam is a global leader in the rapid adoption of Bitcoin.

The business is a pioneer in the usage of cryptocurrencies and is also very interested in blockchain technology. Due to a number of circumstances, Vietnamese residents have started using Bitcoin, and its popularity is expected to increase.

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