Majority of British crypto owners revealed to be hodlers: Survey

The average crypto asset holder in the UK is young, male and Hodler. And they would see crypto as a “fun investment”.This is a discovery from the fresh researchHMRC conducted it with the help of research agency UK Canter and was released on Tuesday.

Taking a quantitative approach, research sought to establish the penetration rate of owning crypto assets, the type and amount of possession, and the platform that individuals use to purchase crypto assets. It consisted of a survey of a representative sample of 5,916 British adults, including 713 crypto asset owners.

The report revealed that 10% of UK citizens own or own cryptocurrencies and 55% have never sold cryptocurrencies (equivalent to 5% of the adult population). Currently, only 7% hold more than 5,000 (almost $ 6,000 in press time), while 52% of current owners hold up to 1,000 ($ 1200).

Related: The UK Government is seeking public opinion on DeFi taxation

Other important findings are not surprising crypto owners tend to be younger than the average person, 76% of whom are 45 years old and most are male (69%). The majority of them hold cryptocurrencies (79%), but the second most popular type of asset is utility tokens (20%).

An important point is the general trading pattern. 68% of owners most often acquire cryptocurrencies from “centralized exchanges” and 81% use these exchanges to sell or exchange assets.

The majority of owners reported that they had made a profit (63%) in the past year when they disposed of crypto assets, claimed that 14% had lost money, and 14% had broken as well. I made it clear. This data must be attributed to 2020, as the survey was conducted between February 2021 and June 2021.

On July 5, HMRC sought documentation explaining its intention to investigate whether taxpayers participating in the crypto industry could reduce administrative hassles and costs.