| dc.description.abstract | In 2008, a white paper written by "Satoshi Nakamoto" and published under the
same name invented cryptocurrency. (Berentsen and Schar, 2018). The official launch
occurred in 2009 and since then, cryptocurrencies have become a popular alternative to
traditional currencies. Among the various cryptocurrencies in circulation,
Cryptocurrencies has emerged as the most popular and actively traded digital currency.
Its decentralized core technologies, fast and secure transactions, borderless nature, and
transparent trust have made it the best currency for the internet (Ryan, 2017; Böhme et
al., 2015; Swan, 2017; Abboushi, 2017; Cocco et al., 2017; and Antonopoulos, 2014).
Bitcoin was initially valued at $0.008 upon its launch, and it has since undergone
significant fluctuations in value, culminating in a peak price of nearly $20,000 in
December 2017. Without the use of dependable middlemen like financial institutions,
direct and anonymous value exchange between participants is made possible by Bitcoin's
distinctive decentralized architecture. People may conduct value transactions in a safe,
unrestricted, and effective way thanks to this Internet-based peer-to-peer network of users
(Nakamoto, 2008; Guo et al., 2018).
Vietnam's crypto market has rapidly expanded in recent years, driven by factors
such as increased access to the internet and mobile devices. Despite a lack of clear
guidance and conflicting opinions from different government agencies, many Vietnamese
investors remain enthusiastic about cryptocurrency (Le & Nguyen, 2020). The
Vietnamese government has warned against investing in cryptocurrencies and banned
their use as a form of payment, but this has not deterred investors from participating in
the market (Truong, 2019). However, the market still has a relatively small market2
capitalization compared to other Southeast Asian countries (Le & Nguyen, 2020).
According to a report by Statista, the trading volume of cryptocurrencies in Vietnam
increased from approximately $300,000 in January 2018 to over $1.7 billion in May 2021
(Statista, 2021). The high interest in the market can be attributed to factors such as news
on the internet and social media (Pham, 2021) and the high risk tolerance of Gen Z
investors (Schroders, 2019). The behavior of Vietnamese Gen Z investors in the crypto
market will be the main subject of this study, given their higher likelihood to adopt new
technologies. The study aims to provide insights into the factors that drive the growth of
the crypto market in Vietnam, identify potential risks for Gen Z investors, and guide
policymakers in regulating the market to promote innovation and growth while protecting
investors. | en_US |
