Connect with us

Hi, what are you looking for?

Investing

One in ten Britons have bought crypto assets despite warnings

As many as one in ten adults in Britain have bought crypto assets such as bitcoin, far more than was previously thought.

Research commissioned by HM Revenue & Customs found that about 6.7 million adults owned or have bought crypto assets. This is almost three times higher than estimates from the Financial Conduct Authority, the City regulator, which said that 2.3 million adults held crypto assets at the start of last year.

The new revenue data comes as about 45 per cent of bitcoin investors face losses, according to the research firm Glassnode.

The value of the cryptocurrency market has fallen by 60 per cent since the start of the year amid a rapid fall in the price of leading cryptocurrencies. Bitcoin, the world’s most popular cryptocurrency, is trading at less than a third of its record price of $67,566 reached in November and was down 1.3 per cent last night at $19,698.

Crypto investors in Britain are typically male and under the age of 45 and have crypto holdings worth £200 on average, according to the revenue’s figures. Eighty-five per cent of crypto investors earn less than £50,000 a year.

More than 50 per cent of investors have holdings worth less than £1,000. However, about 7 per cent have put more than £5,000 into digital assets despite repeated warnings from the UK’s financial watchdog that crypto investors should be prepared to lose all their money.

While more than half of crypto investors bought digital assets for fun and 8 per cent admitted their investment was a gamble, almost a fifth said crypto constituted a core part of their investment portfolio. A third of investors hold no other investment products alongside crypto. Despite growing levels of crypto investment, public understanding about tax rules is poor. Only 42 per cent of current and former crypto holders were aware they may be liable to pay tax on their investment.

HMRC is tightening controls over the use of crypto assets for tax evasion purposes and in February revealed it had opened 20 criminal investigations involving digital assets.

Read more:
One in ten Britons have bought crypto assets despite warnings

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Chelsey Keith P. Ignacio Education can open the doors to abundant opportunities, from achieving one’s dream, helping the family, or even contributing to...

Economy

Sustainability has transcended trends and has become somewhat of an art form in itself. In business, it has now been refined to qualify as...

Economy

Intellicare believes that the way forward for healthcare is balancing high-touch and high-tech care. The disruption brought about by the global pandemic proved to...

Economy

The honest truth: No one came out of the COVID-19 pandemic in quite the same way. The pandemic was an isolating period of self-discovery,...

Economy

Ayala Museum and Globe bring a new cultural learning experience with the Globe Digital Gallery Ayala Museum, under the management of Ayala Foundation, Inc....

Economy

By Diego Gabriel C. Robles THE Philippine economy expanded by 7.4% in the second quarter — slower than expected — as rising inflation weighed...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.