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Vietnamese Crypto Investors Reap $1.18 Billion in 2023 Gains
In 2023, Vietnam stood third globally in cryptocurrency profits, following behind the United States and the United Kingdom.
Vietnam emerged as a major player in cryptocurrency profits last year, with investors pocketing an impressive $1.18 billion. According to American blockchain analytics firm Chainalysis, Vietnam ranks among the top five Asian markets – and within the global top 10 – for digital currency gains.
The Chainalysis survey highlights a trend of significant profits achieved by residents of upper and lower-middle-income countries, particularly in Asia. Vietnam, China, Indonesia, and India all surpassed $1 billion in estimated gains, placing within the top six globally.
"Our 2023 Geography of Cryptocurrency Report noted strong cryptocurrency adoption in these income categories, particularly lower-middle-income countries. This adoption remained resilient even during the recent market downturn, and estimated gains suggest investors in these nations have benefited significantly," the report states.
Cryptocurrency investors worldwide rebounded in 2023, realizing an estimated $37.6 billion in gains. While this figure pales in comparison to the $159.7 billion peak during the 2021 bull run, it marks a significant improvement from the $127.1 billion loss estimated for 2022.
Interestingly, despite similar growth rates in cryptocurrency prices, Chainalysis' estimated gains for 2023 remain lower than 2021. This may suggest that 2023 investors were less likely to cash out, anticipating further price increases since previous all-time highs weren't surpassed.
US investors led the 2023 rebound with $9 billion in profits, following a dominant $47 billion in 2021. The UK ranked second, earning an estimated $1.39 billion in crypto gains.
Notably, mainland Chinese investors earned $1.15 billion in 2023, placing fourth globally, despite domestic cryptocurrency bans. This highlights the resilience of the Chinese investor community, who bypass regulations using platforms like Binance. The recent Bitcoin surge, approaching 2021 highs, has reignited interest in China, with Bitcoin trending across major social media platforms.
Chainalysis notes that 2023's positive momentum has extended into 2024, with Bitcoin hitting new all-time highs driven by ETF approvals and increased institutional investment. If this trend continues, gains could potentially mirror those of 2021. As of March 13, Bitcoin has risen 65.4%, and Ether has surged 70.2% in 2024.
