More % of People in Vietnam Hold Cryptos than US!
According to estimates provided by Triple A, a company that provides crypto business solutions, the United States is in the lead when it comes to the ownership of cryptocurrencies, with 46 million owners. This number is almost twice as high as India’s 27.4 million owners, which is in second place.
On the other hand, when looking at the percentage of people who possess cryptocurrencies, the United States comes third with 13.7%. In comparison, Vietnam is at the top of the rankings for this category, with 20.3% of the population, or one in five individuals, possessing some kind of cryptocurrency.
The data is segregated in the form of a map. The chart depicted Asia as the continent with the biggest absolute number of individuals who owned a home, with 130 million people having this status. Oceania came in last place, with a total of only one million owners residing there.
#Bitcoin and crypto adoption:
🇺🇸 USA 46 million
🇮🇳 India 27 million
🇵🇰 Pakistan 26 million
🇳🇬 Nigeria 22 million
🇻🇳 Vietnam 20 million
🇨🇳 China 20 million
🇧🇷 Brazil 16 million pic.twitter.com/BZxdqIY8ac
— Documenting Bitcoin 📄 (@DocumentingBTC) August 24, 2022
No Crypto Holders Will Go Up
According to Triple-A, the use of cryptocurrencies is expected to increase on a global scale. According to the most recent statistics, the total number of cryptocurrency users around the globe is approximately 320 million, which equates to an average of 4.2% of the world’s population possessing digital assets.
The demographics of ownership showed that 63% of owners are male and 37% are female and that nearly three-quarters of owners (72%) are aged 34 or younger. According to the findings of certain studies, cryptocurrency owners earn an average of $25,000 annually.
According to the most recent findings from the World Bank, the net national income per capita in the year 2020 was $8,784 dollars. This is a decrease from the 2019 total of $9,274.
Even if this comparison isn’t perfect because the years don’t line up and the Globe Bank’s data doesn’t pull from every country in the same way (for example, Eritrea’s contribution is from 2011), the disparities in wealth between crypto owners and the rest of the world are striking.
In terms of Brands supporting Cryptos, more and more companies have been onboarding to accept cryptos. The below image perfectly depicts that.
Why is cryptocurrency usage so widespread in Vietnam?
Although Vietnam ranked sixth globally for the number of people who owned cryptocurrencies, it was the country with the highest percentage of people who owned cryptocurrencies.
An article published in 2021 by Vietnam Daily investigated the reasons behind the widespread adoption of cryptocurrencies in Vietnam. It produced a list of factors to explain the occurrence by talking to users in Vietnam and basing the list on those discussions. It stated that access to traditional investments in legacy finance is restricted, a little less than 70 percent of the population does not have a bank account, older Vietnamese tend to save their wealth in gold, while younger Vietnamese are less likely to do so, cryptocurrencies make it easier to send money abroad.
Because of past examples of governments seizing private property, digital assets are considered to be more secure.
It should be mentioned that the use of actual cash to do business remains the most common method in Vietnam, with digital and card payments being relatively uncommon.
According to this data, the popularity of cryptocurrencies in Vietnam can be attributed to the fact that they fill the hole left by an embarrassingly incompetent traditional system.