Vietnamese Investors Are Increasingly Turning to AI-linked Cryptocurrencies

Vietnamese Investors Are Increasingly Turning to AI-linked Cryptocurrencies

As the popularity of artificial intelligence (AI) applications continues to grow, Vietnamese investors are increasingly turning to AI-linked cryptocurrencies. Tokens that power AI blockchain platforms such as SingularityNET and are attracting attention from investors like Nguyen Lam, an office clerk in Ho Chi Minh City, who has invested between US$100-200 in these tokens, hoping to make a quick profit.

However, many investors like Lam may not be carefully analyzing the technology and potential of the projects they invest in. Quang Thuan, administrator of a cryptocurrency investment group with 43,000 members, reports that some investors are simply buying tokens based on tips from others and hoping for the best. While these tokens can have a short lifespan and may not provide a stable investment option, some investors are still drawn to the potential for quick gains.

The hype around OpenAI’s chatbot ChatGPT, launched late last year, has further fueled the rise of AI-linked crypto tokens. Tokens like SingularityNet and SingularityDAO surged 126-138% over the span of a few days in early February, according to Bloomberg.

Luan Tran, the chief technology officer of a blockchain startup in HCMC, reports that Vietnamese investors are showing interest in AI cryptocurrencies such as Cortex, Numerai, SingularityNET, and Fetch.AI. However, Tran cautions that many people are losing money by blindly investing in AI without understanding the technology and relying solely on rumors and speculation.

PeckShield, a blockchain security company, recently discovered dozens of scam tokens seeking to profit from the ChatGPT AI chatbot craze. These scams, as well as other common scams such as “rug pulls,” where developers or creators promote a project and then disappear with investors’ money, underscore the need for investors to exercise caution when investing in AI-linked cryptocurrencies.