Vietnam ranked third globally in cryptocurrency gains last year with US$1.18 billion in profits, according to a report from U.S. crypto data provider Chainalysis.
It was behind the U.S. ($9.36 billion) and the U.K. ($1.39 billion). China and Indonesia were in fourth and fifth places with $1.15 billion and $1.06 billion.
Vietnam’s crypto gains were doubled that of Spain and the Philippines and triple that of Thailand.
Eight countries recorded more than $1 billion.
Chainalysis said the positive trends of 2023 have carried over into 2024, with notable crypto assets like Bitcoin achieving all-time highs in the wake of Bitcoin exchange-traded fund approvals and increased institutional adoption.
“If these trends continue, we may see gains more in line with those we saw in 2021,” it said, adding that as of March 13 Bitcoin was up 65.4% and Ether was up 70.2%.
The large crypto gains in Vietnam, however, might be enjoyed only by the minority.
A report by Coin98 Insights earlier this year showed that 64% recorded no profit last year, with 44% of them making losses.