Crypto craze continues
A news story this week reveals research from UK-based money app Ziglu reveals that 11 per cent of UK adults are contemplating buying cryptocurrencies for the first time over the next 12 months. Some 3 per cent - around 1.57 million people – say they will definitely buy their first cryptocurrencies in the next 12 months, and 8 per cent - 4.2 million people – say it is quite likely they will do this.
Ziglu’s research also shows that one in 10 UK adults currently already own cryptocurrencies. In terms of why people are planning to buy their first cryptocurrencies, 29 per cent said it is because it has become easier to test the market by buying a small amount, while 27 per cent said they plan to buy because they expect valuations to increase.
Our In My Opinion this week reminds investors that having – hopefully - made money in cryptocurrencies, investors need to pay tax on the assets. Yvonne Steyn, Senior Associate, Maitland has addressed the taxing subject of how an investor’s cryptoassets will be taxed in the UK, commenting that with bitcoin advancing more than 300 per cent in 2020, and 73 per cent of HNW individuals expected to invest in cryptoassets before the end of 2022, understanding how digital assets will be taxed is essential.
Beverly Chandler, managing editor