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An Analysis of the Determinants Behind the Investment Changing Perception from Gold to Cryptocurrency among Vietnamese Investors

Author

Listed:
  • Cheng-Wen Lee
  • Hong-Vui Ngo
  • Avi Sunani
  • Adil Zareef Khan

Abstract

As digital finance grows in prominence, Vietnamese investors are increasingly shifting away from traditional assets like gold toward digital assets like cryptocurrency. This study explores the underlying factors driving this transition through a mixed-methods approach that combines survey data with supplementary regression analysis. The findings show that psychological and technological factors play a more influential role in shaping investor behavior than economic conditions, with perceived risk serving as a key mediating factor. While macroeconomic variables have a limited direct impact, investor trust, technological readiness, and risk attitudes significantly influence cryptocurrency adoption. These insights offer valuable implications for fintech firms, regulators, and investor education initiatives seeking to support safe and informed participation in emerging financial markets. JEL classification numbers: G12, G11, E44, G41, G23.

Suggested Citation

  • Cheng-Wen Lee & Hong-Vui Ngo & Avi Sunani & Adil Zareef Khan, 2025. "An Analysis of the Determinants Behind the Investment Changing Perception from Gold to Cryptocurrency among Vietnamese Investors," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 15(5), pages 1-4.
    • Handle: RePEc:spt:apfiba:v:15:y:2025:i:5:f:15_5_4
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    References listed on IDEAS

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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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