As the first quarter of 2025 closes, the global cryptocurrency markets have once again shaken out those with a short-term horizon, to the benefit of those with a longer-term outlook.
The patient will continue to outperform the impatient – the iron rule of markets holds.
How did these events impact the demand for hardware wallets in Vietnam?
A quarter dominated by market volatility
As the formerly most powerful nation on Earth elected a new administration, the new guy in town set the tone from the start:
While just a few years ago, starting a presidency with a memecoin launch would have seemed extremely unlikely, we’re now in the 2020s, where the unlikely becomes reality in the blink of an eye.
That volatility in our daily reality also translates into markets. The Trump coin launch marked the (so far) pico top, signaling that “crypto crime season” has duly arrived and “everything goes.”
On the bright side, some of the changes in the regulatory landscape do in fact strengthen the case for the right to self-custody and utilizing privacy-preserving tools without being marked as a criminal.
After all, the number one OpSec lesson is and will remain:
If you want to avoid becoming the victim of a cyber- or physical attack, don’t become a target in the first place.
Preserving your privacy when it comes to personal and financial data is a necessary defensive tool, just like having a fence and walls around your house – to keep what’s valuable to you out of sight of predators.
Hardware Wallet Sales in Vietnam in the first quarter 2025
For the first time since publishing our sales records, Ledger has achieved a market share of over 80% – complete and total dominance by the French juggernaut in the space.
These numbers have been achieved despite the current lack of official access to the newer Ledger Stax and Ledger Flex models in Vietnam. The long-running bestsellers, Ledger Nano S+ and Ledger Nano X, have been pulling all the weight – and doing so successfully.
The market share bump for Trezor in the last quarter of 2024, following the launch of the Trezor Safe 3 and Trezor Safe 5 models in Vietnam, has so far proven to be short-lived. The Czech OG’s are currently barely holding above 10% market share.
While some industry participants express a preference for Trezor over Ledger due to their more “cryptoanarchic” roots, the more streamlined corporate business model of Ledger has given the French company the upper hand – at least when it comes to the numbers that determine commercial success.
We will see what Team Trezor brings to the table in 2025 to challenge the current dominance of Ledger in the crypto hardware wallet space.
However, a potential market share risk for the French is looming on the horizon:
As the usage of USDT (Tether) on Tron fades in favor of other chains such as Ethereum and Solana as the main transport vehicle for stablecoins, the unique advantage that Ledger products had – especially in an Asian context, where Tron was more widely adopted – becomes less relevant by the week.
Will this shift impact the market share of the two top players in the crypto hardware wallet space?
We will certainly keep an eye on these trends in our subsequent reports.
Bitcoin-only wallets in Vietnam – still a sideshow in early 2025
The comparatively negligible sales numbers of Bitcoin-only hardware wallets, such as Coinkite’s Coldcard series or Blockstream’s Jade models, indicate that despite all the brouhaha around “crypto adoption in Vietnam” the depth of understanding is still in its early stages.
Some connoisseurs choose the Jade or Coldcard wallets with the justified discernment needed to secure their Bitcoin for the long-term (ideally via Multivendor MultiSig setup). However, the rush for quick profits in crypto still dominates the landscape, heavily favoring hardware wallets like Ledger, which are designed with the typical “Web3 / token token” audience in mind.
Will this change anytime soon?
After over ten years in this business, we’re doubtful.
But if you’ve made it this far, you might be a candidate to get it right.
Patience and persistence pay off, so secure your Bitcoin for the long term – a time-proven strategy that requires one key skill:
Sitting tight despite all the noise and sticking to a long-term plan.
Holding Bitcoin and reducing risk has, over time, far outperformed any strategy that added layers of risk in pursuit of the hope for juiced-up returns.
Talk to any Bitcoin OG in private, and they’ll confirm this.
If that’s your mindset and you want to start the right way, reach out to our team for consultation or to provide you with a holistic solution for long-term savings without SPOF (single point of failure) in custody.
