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Vietnam Wins Race for Crypto Adoption, Survey Reveals

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Aug 16, 2021

When it comes to the adoption of cryptocurrencies, countries such as Indonesia, India, and Vietnam are on top of the list. These countries have even left behind several other countries that had taken the lead in the initial phases when the crypto-industry was first launched.

The reason why these countries are adopting cryptocurrencies on a large scale is to boost their economies. The countries are eager to boost their economies and make it into the ranks of countries with the highest and most thriving economies.

Countries such as Vietnam, Cuba, and Venezuela rely mainly on cryptocurrencies when it comes to remittances. This is the reason why no other country is able to match these countries when it comes to cryptocurrency adoption.

Just recently, Finder’s survey was conducted in order to find out which countries are demonstrating the highest adoption rate for cryptocurrencies. The survey was conducted among people from 27 countries, knowing what they know about cryptocurrencies and how many of them have exposure to cryptocurrencies.

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The survey data reveals that in total, 42,000 people were surveyed from 27 countries. The purpose of the survey was to establish exactly which country has the highest adoption rate among the rest.

The results from the survey were unexpected as Vietnam turned out to be the country with the highest adoption rate for cryptocurrencies. From the survey, it was revealed that 41% of the participants claimed to have acquired cryptocurrencies by purchasing them.

Out of the 41% participants, 25% revealed that they had invested in Bitcoin (BTC). Even the 25% figure from the Vietnamese participants is higher than any other country when it comes to the acquisition of Bitcoin.

While many are surprised by the survey results from Vietnam, it is to be noted that it is not just Vietnam but the entire Southeast Asian region walking on the same path.

The recent data from the on-chain data analyzing firms have revealed that the entire Southeast Asian region is investing in cryptocurrencies. According to analysts, the particular region is even investing more than what is expected from it when it comes to the adoption of cryptocurrencies.

This is yet another demonstration of the high adoption rate of cryptocurrencies in countries considered second-world or third-world. The countries in the Southeast Asian region are trying to find a solution for inflation and their currency devaluation. This is when people find cryptocurrencies to be extremely important and profitable, both as a short-term and long-term investment.

At present, Vietnam has the 53rd largest economy globally, when it comes to gross domestic products. However, the country is ranked at number 13 when it comes to benefiting from the gains of investing in Bitcoin.

Similarly, Cuba is also going through the same phase where its carrying out the majority of its remittances through cryptocurrencies, avoiding traditional financial channels.

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