According to the study, 10% of British adults currently own or have previously owned crypto, with 55% never having sold any of it.
In Great Britain, a typical crypto asset holder would be young, male, and a hodler. Additionally, they would view cryptocurrency as a “fun investment.” These are the results of recent research that Her Majesty Revenue and Customs (HMRC) conducted with the aid of the research firm Kantar UK and released on Tuesday.
The study used a quantitative technique to determine the frequency of crypto asset ownership, the types and amounts held, and the platforms people use to purchase crypto assets. It was a study of 5,916 persons in the United Kingdom, including 713 owners of cryptocurrency assets.
According to the study, 10% of British adults currently own or have previously owned cryptocurrency, with 55% never having sold any (equivalent to 5 percent of the adult population). Only 7% of existing owners have shares worth more than £5,000 ($6,000 as of press time), while 52% of owners have holdings worth less than £1,000 ($1200).
Other noteworthy statistics should come as no surprise: the majority of cryptocurrency owners are male and tend to be younger than the overall population, with 76 percent of them being under the age of 45. (69 percent ). The majority of them (79 percent) own cryptocurrencies, with utility tokens coming in second place (20 percent ).
68 percent of owners most regularly purchase cryptocurrency from “centralized exchanges,” and 81 percent use these exchanges to sell or exchange their assets, which highlights a prevalent trading trend.
When selling their crypto assets, the majority of owners (63 percent) said they made money; 14% said they lost money, and 14% said they broke even during the past year. Since the survey was carried out between February 2021 and June 2021, the year 2020 should be used to date this information.
On July 5, HMRC issued a request for evidence paper outlining its intention to investigate whether administrative burdens and expenses could be minimized for taxpayers who work in the cryptocurrency sector.
