According to data from TripleA, a survey of 320 million people globally, Vietnam is leading the ranking of crypto holders with 20.3%. In other words, 1 out of 5 Vietnamese people will have crypto in their account.
In terms of owners, the US tops the list (46 million), followed by India (27 million) and Pakistan (26 million). Vietnam stopped at 5th place with 20 million people. However, if talking about the rate, Vietnam is completely far behind other countries when up to 20.3% of the population holds a certain coin.
Twitter account @DocumentingBTC has compiled a ranking of the top seven countries with a map of crypto ownership. The map shows that Asia has the highest “coverage” – 130 million people. Finally, there is Oceania with only 1 million people owning cryptocurrencies.
Cryptocurrency ownership rate will continue to increase
Triple A believes that the wave of crypto applications will continue to spread rapidly across the globe. The number of cryptocurrency users is currently estimated at around 320 million, or 4.2% of the world’s population.
In addition, 63% of them are male and 37% are female. Nearly three-quarters (72%) are under the age of 34. According to the researchers, the annual income of crypto holders stands at $25,000. Meanwhile, the latest data from the World Bank (WB) shows that the national net income per capita in 2020 is USD 8,784. This number is significantly lower than the $9,274 recorded in 2019.
While the World Bank’s data isn’t entirely accurate, the income disparity between crypto holders and the general population is clearly still huge.
Why Cryptocurrency is Popular in Vietnam
Vietnam is ranked 5th in terms of number and holds the first position in the percentage of owners. This shows that Vietnam is a highly open and crypto-friendly country.
An article from Vietnam Daily looked at what drives cryptocurrencies to be so popular. Based on discussions with users in Vietnam, Vietnam Daily has summarized the reasons that promote cryptocurrency development:
- Access to traditional investment vehicles in Vietnam is limited.
- Some Vietnamese do not have a bank account.
- Most older people prefer to hoard gold, but younger generations prefer other forms of investment.
- Cryptocurrencies make it easier to transfer money abroad.
- Cryptocurrencies will be a safe source of funds in the event of foreclosure.
- The number of global remittances is large, stretching to the US, Europe, Australia, Canada, Korea…
In fact, cash is still the leading method of transaction for Vietnamese people. Even digital payments and credit cards, although growing very fast, are still not really popular among Vietnamese consumers. Therefore, even if the development of cryptocurrencies is exploding, we may still have to wait a little longer to see crypto in daily trading.