This study examines the investment behavior of Vietnamese individuals in the Bitcoin market, focusing on factors influencing investment decisions, risk tolerance, and market perceptions. As Bitcoin's popularity grows globally, understanding local market dynamics is crucial for policymakers and investors. Using a mixed-method approach, this research analyzes survey responses from 500 Vietnamese Bitcoin investors and complements quantitative data with in-depth interviews. Results reveal that while many Vietnamese investors are driven by the speculative nature of Bitcoin, a significant number exhibit high risk tolerance and are motivated by the potential for high returns. Additionally, cultural factors, such as the desire for financial independence, and macroeconomic conditions, including inflation and currency devaluation, play a key role in shaping investment behaviors. The findings provide valuable insights into the future trajectory of the Bitcoin market in Vietnam.