It has been reported that 20% of Vietnamese said that they had purchased Bitcoin (BTC), which was the highest among all countries polled.
However, Finder’s survey corroborated other data showing that the southeast Asian country is punching above its weight when it comes to crypto adoption although Vietnam’s strong outperformance may appear surprising at the surface.
The report said that in June, Vietnam ranked 13th in realized Bitcoin gains for 2020, despite having only the 53rd largest economy based on gross domestic product.
The Finder report claimed:
“Remittance payment may have played a significant role in these numbers, with cryptocurrency an option for migrants who want to send money home and avoid exchange fees.”
Likewise, adoption rates were also very high throughout Asia, with 30% of respondents in Indonesia and India claiming to have purchased crypto. That figure was 29% in Malaysia and 28% in the Philippines. On the opposite side of the spectrum, adoption rates were lowest in the United Kingdom and the United States at 8% and 9%. Each country that was represented by the survey had between 1,160 and 2,511 respondents.
The report said:
“Due to the varying Google infrastructure in each territory, not all surveys were nationally representative.”
Moreover, the report also documented strong adoption trends in many Latin American countries, with 22% of Brazilian respondents claiming to have purchased crypto. The digital asset class is growing rapidly throughout the continent due in part to surging inflation, stricter capital controls, and a deteriorating fiscal outlook.
Thus, the region is now home to at least two crypto-exchange unicorns, a term used for startups that have achieved a valuation of $1 billion or more.