Objective - The primary objective of this exploratory research is to investigate the factors affecting investment behavior in the Vietnamese Bitcoin market.

Methodology/Technique – The study employs quantitative research methods, including surveys of the Vietnamese Bitcoin market, to gain valuable insights into the factors influencing investment behavior. It uses exploratory factor analysis and regression analysis for data analysis.

Findings – Research results show that there are 5 factors affecting Bitcoin investment behavior in Vietnam: benefits, past experience, national laws, crowd effects, and the Bitcoin market. Among them, the two most influential factors are national interests and laws. The lowest impact factor is past experience. The study tested the differences in Bitcoin investment behavior between Bitcoin investors according to gender, age, income, and investment time. The study found no significant variance in the evaluation of gender, age, income, and investment time in Bitcoin investment behavior in Vietnam. Based on the regression results, the authors recommend practical solutions related to benefits, past experience, national laws, crowd effects, and the Bitcoin market. The aim is to assist Vietnamese investors in understanding the influence of factors on Bitcoin investments in Vietnam. From there, investors adopt the appropriate behaviors, views, and investments in Bitcoin and other virtual currencies.

Novelty – The first study uses a quantitative method to address the factors affecting the investment behavior in the Vietnamese Bitcoin market.

Type of Paper - Empirical

Keywords: Investment Behavior; Bitcoin Market; Investors' Decisions; Virtual Currencies.

JEL Classification: G2, G29.

URI: http://gatrenterprise.com/GATRJournals/JFBR/vol9.3_1.html

DOI: https://doi.org/10.35609/jfbr.2024.9.3(1)

Pages 71 – 86