Vietnam’s surging cryptocurrency market is undergoing a distinctive evolution. Where many might expect high-tech digital forums or cutting-edge financial analysts to guide investment choices, the reality in Vietnam is simpler: people trust their friends.
The Overarching Power of Word of Mouth
As the world grapples with the buzz of cryptocurrency, Vietnam has carved a unique niche for itself. An overwhelming 75.5% of Vietnamese cryptocurrency investors, as revealed in a recent study, lean heavily on their friends’ recommendations when making investment decisions.
This figure is startling, especially when you consider it’s a whopping 2.5 times higher than what’s observed in the technologically advanced United States.
The research, a collaborative effort between Kyros Ventures, Coin68, and Animoca Brands, surveyed 3,300 participants, diving deep into the factors influencing Vietnam’s crypto scene.
While referrals from pals topped the list, self-study, media news, and community groups weren’t far behind, with almost half of the participants considering these resources for their crypto ventures.
Further insights from the “Vietnam Cryptocurrency Market Report” for 2023 unveiled some captivating trends. A significant 70% of respondents are optimistic, believing that the bearish phase in the market is drawing to a close.
Meanwhile, an identical 75% wish for the Vietnamese government to step up and impose more regulatory measures in the tumultuous crypto sector.
But let’s pause and look at the larger picture here. According to Chainalysis, Vietnam is leading the global front in crypto adoption, with a whopping 19% of its adult population dabbling in digital assets.
Notably, it ranks second in the decentralized finance (DeFi) realm. Yet, this momentum hasn’t substantially echoed in the country’s educational framework.
A mere nine academic establishments in Vietnam offer blockchain-centric courses. Additionally, the country houses just eight foundational blockchain projects, a number that seems staggeringly low given the nation’s crypto enthusiasm.
The survey also highlighted the diverse interests of Vietnamese crypto participants. A vast majority, 90%, are actively involved in DeFi.
While GameFi, nonfungible tokens, and centralized finance had their share of attention with 70.2%, 73.7%, and 91% respectively, SocialFi lagged behind at 54.9%.
Interestingly, when it came to choosing trading platforms, participants were evenly split between centralized and decentralized exchanges.
A notable takeaway is the agility of Vietnam’s tech landscape. Once flooded with over a hundred GameFi projects, the tide seems to be turning in favor of the ‘Web3 builder’ wave post the recent GM Vietnam Blockchain Week 2023.
While Vietnam’s crypto market booms and evolves, it’s clear that the personal touch remains paramount. In a world increasingly dominated by technology, there’s something intrinsically human about relying on the wisdom of trusted friends.
It serves as a reminder: amidst all the digital chaos, human connection remains invaluable. This isn’t to say that Vietnam is behind; instead, it may be leading the way in showing the world that at the heart of every transaction, every investment, and every risk, lies a story, a person, a friend.
But as with everything in the fast-paced world of crypto, only time will tell which strategies will reign supreme.
