The “Vietnam Crypto Market Report 2022” has recently unveiled that the majority of Vietnamese people have embraced digital currencies, with Bitcoin being the most preferred asset.
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According to Chainalysis research, Vietnam has been recognized as the world’s leading country in cryptocurrency adoption, scoring a perfect 1.000. This puts Vietnam in a position close to the top of the cryptocurrency market.
The report estimates that approximately 16.6 million Vietnamese, which equates to approximately 17% of the country’s population, have invested in cryptocurrencies.
Furthermore, 31% of these investors have opted for Bitcoin, making it the most popular digital asset in the country.
The research also indicates that Vietnam has more HODLers than any other country in the Association of Southeast Asian Nations (ASEAN), with Thailand being the only country to have more investors than Vietnam.
Apart from having a considerable number of crypto investors, Vietnam is also home to numerous blockchain projects, primarily focusing on GameFi (Game Finance), NFTs, or Web3.
Vietnamese entrepreneurs have established seven of the top 200 blockchain organizations worldwide, with Axie Infinity, Coin98, and Kyber Network being notable examples.
Despite suffering a setback when the Lazarus Group drained over $600 million worth of digital currencies from Ronin Network, which powers Axie Infinity, the project has recovered and currently boasts a vast user base of over one million.
Chainalysis, in its report “The 2022 Global Crypto Adoption Index,” has ranked Vietnam as the world’s leading country in cryptocurrency adoption, with a score of 1.000.
The report suggests that one reason behind this success could be the high interest in blockchain-based games in the region. The Philippines came in second with a score of 0.753, while war-torn Ukraine ranked third with 0.694.
The top 20 countries in the report included both lower-middle-income and upper-middle-income economies, such as Nigeria, Indonesia, Argentina, Brazil, Turkey, the United States, and the United Kingdom.