Young Vietnamese Turn To Cryptocurrencies To Get Rich Quickly

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Cryptocurrencies are becoming a new investment favorite in the country, but many are learning that what goes up quickly could come down at the same speed. This year, Hanoi’s Minh Quan began studying the cryptocurrency market for the first time after a friend urged him to invest in it. The real estate broker started out with a $ 1,000 investment in a startup he barely knew.

“I invested because the founders have a good face,” he says.

The start-up resumed and the founders were able to secure financing from foreign funds, and Quan’s investment increased fivefold in one month.

Young Vietnamese like Quan are increasingly interested in cryptocurrencies, hoping to get rich quick despite a lack of legal support for them and high risk.

Vietnam is among the top 15 countries in the world in terms of cryptocurrency investors, most of them under 35, said Lynn Hoang, Vietnamese national director of the Binance trading platform.

Although the government does not recognize Bitcoin and other cryptocurrencies, it still leads the world in cryptocurrency adoption with 41% of respondents claiming to have bought Bitcoin and the like, according to a survey. in August by the American financial consultancy firm Finder.

Minh Anh, who is in his 20s, has discovered that while it is nearly impossible to predict the market, a thoughtful and safe investment strategy could help him navigate the world of cryptocurrency.

He only invests a small amount there and only in cryptocurrencies managed by experienced people, he says.

“I only invest 25% of my total assets in crypto. After placing an order, I deactivate the application so as not to be distracted by the volatility ”.

This year, he made profits of hundreds of millions of dong (100 million VND = 4,380 $).

But with great potential for profit comes great risk.

With interest rates on bank deposits falling sharply, Hanh, a bank teller, withdrew money from stocks to invest in cryptocurrency futures, which allow investors to predict the future. market and bet on it.

However, not knowing enough about the market, she lost all of her money and decided to stop investing in futures altogether.

Le Trong and his wife invested all of their savings in cryptocurrencies in 2017, when the market was booming. They even borrowed to invest.

But then the market fell, plunging them into a slump as debt collectors started calling constantly. Trong’s wife went into depression and it took the couple several years to pay off their debts.

“I will never get involved in crypto again,” he says.

Lynn Hoang of Binance says the two basic rules for investing in cryptocurrency are how to protect your investment and not to use leverage.

New investors should go for large-cap cryptos, she says, comparing them to buying blue chips on the stock exchange.

Whether her strategy is to invest for the long term or the short term, it is important not to be greedy, she warns.

Thuong, an investor in Hanoi, learned this lesson.

When Bitcoin fell to around $ 54,000 on December 4, she spent most of her savings there, believing she had found the bottom.

But the fall continued to $ 43,000 and, without cash, she couldn’t buy more to average the price.

“Controlling your greed sounds easy, but it’s not,” she says.


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