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Vietnamese people make the third most profit from cryptocurrency in the world

HA (according to VnE) March 18, 2024 11:01

Cryptocurrency players in Vietnam will earn nearly $1.2 billion in 2023, the third highest after players in the US and UK.

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According to data released by New York-based blockchain research firm Chainalysis over the weekend, cryptocurrency players in Vietnam earned $1.18 billion in profits. Vietnam is also one of eight countries with profits from cryptocurrencies reaching over $1 billion.

Chainalysis’ ranking shows the US leading the pack, with a total profit of $9.36 billion. Meanwhile, other places in the top 10 do not have too much difference, ranging from a few tens to more than a hundred million dollars.

The UK came in second, with crypto players there raking in $1.39 billion. China surprised in fourth place with $1.15 billion, despite cryptocurrency trading and mining being banned there since 2021.

In Southeast Asia, in addition to Vietnam, the ranking also recorded Indonesia in 5th place with 1.06 billion USD, the Philippines in 20th place with 0.5 billion USD, Thailand in 28th place with 0.33 billion USD, followed by Singapore with 0.32 billion USD.

In total, global cryptocurrency investors made a total profit of $37.6 billion last year, much higher than the $127.1 billion loss in 2022, but not as much as the $159.7 billion profit in 2021, when Bitcoin reached $68,000 per coin then.

According to Chainalysis' prediction, the profits of cryptocurrency players will increase sharply this year. "In the context of Bitcoin reaching its peak thanks to the Bitcoin ETF event as well as the increasing acceptance of cryptocurrency, 2024 is the year of high profits for players, even 2021", Chainalysis representative commented.

However, this profit is only concentrated in a small number of players. According to the Coin98 Insights report at the beginning of the year, 64% of cryptocurrency players in Vietnam did not make a profit, of which nearly 44% lost money in the past year.

Last year, the Global Crypto Adoption Index (GCAI) 2023 report published by Chainalysis showed that Vietnam dropped from first place to third place with a total score of 0.568 points, while India scored 1 point and Nigeria scored 0.624 points.

HA (according to VnE)
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Vietnamese people make the third most profit from cryptocurrency in the world