Lisa Gordon, chair of UK-based investment bank Cavendish, has expressed concern over the growing number of crypto buyers in the UK, labeling it as “terrifying.” With experience in non-executive roles at top financial institutions like JP Morgan Small Cap Growth & Income PLC, Gordon suggested that cryptos should be subject to stamp duty. She urged Britons to channel their savings into shares rather than cryptocurrencies, calling crypto investing “a non-productive asset” that does not contribute to the economy. “It should terrify all of us that over half of over-45s own crypto and no equities,” she remarked. Gordon proposed that the UK should impose taxes on crypto transactions and eliminate taxes on stock purchases to stimulate economic growth. “I would love to see stamp duty cut on equities and applied to crypto,” she added.
According to FCA research, over seven million UK adults, about 12% of the adult population, own crypto, with both awareness and average portfolio values rising annually. Bivu Das, UK general manager at Kraken, highlighted the UK’s growing proximity to widespread crypto adoption following the crypto exchange’s recent acquisition of an EMI license from the UK regulator. Despite facing scrutiny from the Financial Conduct Authority, the UK climbed from 14th to 12th place in Chainalysis’ global crypto adoption index between 2023 and 2024.
Gordon emphasized that UK citizens are “not risk-averse,” pointing to the rise in local crypto adoption. She noted that a shift towards saving over investing is “not going to fund a viable retirement.” However, she described Britain as a “safe haven” when compared to other markets like the US, where economic challenges have led to significant stock market losses.
Awareness and ownership of crypto are on the rise in the UK. Crypto is currently largely unregulated and high risk. If you buy crypto, you should be prepared to lose all your money. #CryptoAssets #CryptoUK #CryptoResearch
