Percentage of crypto ownership in Vietnam increasing
According to estimates from crypto business solutions company Triple A, the United States has 46 million crypto owners, over twice the amount of second-placed India's 27.4 million.
However, the United States ranks third in terms of cryptocurrency ownership, at 13.7%. In comparison, Vietnam ranks first in this metric, with one in every five people — or 20.3% — owning cryptocurrency.
The Twitter account @DocumentingBTC compiled a list of the top seven countries and includes a map of cryptocurrency holdings from the Triple A website. The map depicted Asia as the continent with the most absolute ownership, with 130 million people. Oceania came in last place, with only one million owners.
Crypto ownership is expected to increase further.
According to Triple A, global crypto use is expected to increase. According to current estimates, there are 320 million crypto users worldwide, representing 4.2% of the global population.
According to ownership demographics, 63% are male and 37% are female, with nearly three-quarters (72%) being 34 or younger. According to researchers, the average annual income of cryptocurrency owners is $25,000.
According to the most recent World Bank data, net national income per capita in 2020 was $8,784. This is a decrease from $9,274 in 2019.
Although not an ideal comparison because the years do not match and the Globe Bank's data does not cover every country equitably, for example, Eritrea's contribution is from 2011, the income disparities between crypto owners and the rest of the world are significant.
Why is cryptocurrency so popular in Vietnam?
Although Vietnam placed fifth in terms of total crypto ownership, it was first in terms of percentage crypto ownership.
A Vietnam Daily article from 2021 investigated why cryptocurrencies are so popular in the country. It created a list of factors to explain the phenomena based on discussions with users in Vietnam. It stated:
Traditional legacy finance investing has limited access.
Almost 70% of the population does not have a bank account.
The older Vietnamese store their riches in gold, whereas the younger generation does not.
Cryptocurrencies make international remittances easier.
Because of previous incidents of government property seizures, digital assets are regarded as more secure.
Physical cash is still the most common way to transact in Vietnam, with digital/card payments being relatively uncommon.
According to this data, cryptocurrencies are popular in Vietnam because they fill a hole left by a catastrophically insufficient legacy system.
