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

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. Keywords: Digital assets, Cryptocurrency, Gold, Financial behavior, Investment shift.