Vietnamese Crypto Investors Depend on Friends' Recommendations for Investment Decisions, Reveals Survey
Summary:
Over three-quarters of Vietnamese crypto holders rely on recommendations and referrals from friends for investment decisions. A survey reveals that 75.5% of respondents in Vietnam are influenced by recommendations or referrals, with self-study, community groups, and media news as their primary sources of information. The report also highlights the belief that the bear market is ending, the demand for regulatory intervention, and the country's leading position in crypto adoption. Additionally, the preference for decentralized exchanges is equally distributed among participants.
Three-quarters of Vietnamese cryptocurrency holders rely on recommendations and referrals from friends when making investment decisions, according to a report by Vietnamese venture capital firms Kyros Ventures and Coin68, and Animoca Brands. This percentage is 2.5 times higher than what has been reported in the United States. Vietnamese crypto investors predominantly seek information through self-study, community groups, and media news, with nearly half of them opting for these methods. The H1 2023 Vietnam Crypto Market Report also revealed that 70% of respondents believed that the bear market was either over or coming to an end. Furthermore, 75% of participants expressed a desire for increased regulatory intervention in the crypto industry. Despite Vietnam leading the world in crypto adoption and ranking second in decentralized finance (DeFi), the country only has nine educational institutions offering blockchain courses and eight blockchain infrastructure projects. Vietnamese crypto users value the self-custodial nature of decentralized exchanges (DEXs) and the liquidity provided by centralized exchanges. The survey also showed that nearly 90% of respondents engaged in DeFi activities, along with holding crypto. This was followed by participation in GameFi, nonfungible tokens (NFTs), centralized finance, and SocialFi. The preference for decentralized exchanges versus centralized exchanges was equally distributed among the participants. The report highlights the rapid changes in local tech development and trends, which align with the global climate. The emergence of "Web3 builders" has gained momentum, following the wave of over 100 GameFi projects in Vietnam. The report concludes by emphasizing the importance of protecting crypto assets in a volatile market, with insights from Bitcoin OGs and experts.
Published At
8/30/2023 5:49:09 PM
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