Over 75% of Vietnamese Crypto Holders Make Investment Decisions Based on Friends' Recommendations

Key Findings:

• 75.5% of Vietnamese crypto holders are influenced by recommendations or referrals from friends

• Vietnam is the top country in terms of crypto adoption and second in DeFi

• 70% of respondents believe the bear market in crypto is over or nearing its end

• 75% of respondents want more regulatory intervention in the crypto sector

A recent report by Vietnamese venture capital firms Kyros Ventures and Coin68, alongside Animoca Brands, has found that over three-quarters of Vietnamese crypto holders rely on recommendations or referrals from friends when making investment decisions. This proportion is 2.5 times higher than that reported in the US.

The report, which surveyed 3,300 participants, also found that self-study, community groups, and media news were the main sources of information for Vietnamese crypto investors, with nearly half of the participants choosing these methods.

Interestingly, the survey revealed that 70% of respondents believe that the bear market in crypto is either already over or nearing its end. This optimistic outlook contrasts with the desire for more regulatory intervention in the crypto sector, as 75% of respondents expressed a need for stronger regulations.

According to Chainalysis, Vietnam leads the world in terms of crypto adoption and ranks second in decentralized finance (DeFi), with more than 19% of adults owning digital assets. However, the country still has a limited number of educational institutions offering blockchain courses and a small number of blockchain infrastructure projects.

The report also uncovered that almost 90% of the survey respondents engage in DeFi activities alongside holding crypto. Other popular activities include GameFi (70.2%), nonfungible tokens (73.7%), centralized finance (91%), and SocialFi (54.9%). The preference between centralized and decentralized exchanges remains evenly split among participants.

Researchers behind the report highlighted the rapid changes in local tech development and trends, which align with the global climate. They noted the shift from the popularity of GameFi projects to the current wave of "Web3 builders" in Vietnam, particularly since the GM Vietnam (Vietnam Blockchain Week) in 2023.