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2026 Bitcoin Adoption Study: The Holding Period Protects Long-Term Small Savers

The debate over the elimination of the one-year holding period often revolves around one argument: it is primarily wealthy Bitcoin investors who would benefit from the tax exemption.

But a look at the latest Bitcoin Adoption Study 2026 paints a completely different picture.

The qualitative study by Oberwasser Consulting shows that most people who are new to Bitcoin today are not short-term speculators. Rather, they are often people who regularly save small amounts, want to build long-term wealth, and are looking to privately plan for their retirement.

It is precisely these people who would be particularly affected by the elimination of the holding period.

Why This Study Is Relevant to #ProHaltefrist

The 2026 Bitcoin Adoption Study was conducted by, among others, Peter Rochel, who is also one of the nine petitioners behind the #ProHaltefrist initiative.

However, the study does not pursue any tax policy objectives. It independently examines why people in Germany, Austria, and Switzerland use Bitcoin and what role Bitcoin plays today in everyday life and in personal wealth accumulation.

That is precisely why their findings are particularly interesting for the current political debate. They show that Bitcoin is increasingly being used by people who want to build long-term wealth and make private provisions for their future—in other words, exactly the group that would be most affected by the elimination of the one-year holding period.

Today’s Bitcoin buyers are not speculators

For many years, Bitcoin was often portrayed as a short-term speculative investment.

However, the 2026 Bitcoin Adoption Study shows that this picture no longer reflects the reality for many people.

In the interviews, the participants repeatedly mention similar motivations:

• long-term wealth accumulation
• private retirement savings
• Protection against inflation
• Independence from Banks
• Skepticism Toward Government Pension Promises
• the desire for greater financial independence

 

The focus is not on quick profits.

In fact, many people view Bitcoin as an asset they intend to hold for many years or even decades.

That is exactly why the one-year holding period was established.

Heike is representative of many new Bitcoin savers

The study provides a particularly compelling account of Heike’s case.

Heike is about 60 years old and has managed her family’s finances for decades. She invested in traditional retirement products, took out Riester pension plans, and trusted the recommendations of banks and politicians.

Over the years, however, one disappointment followed another:

• Changes to the Riester Pension
• low interest rates
• Negative interest rates
• expensive banking advice
• declining confidence in the existing financial system

 

That is why Bitcoin did not become an object of speculation for them.

Rather, it serves as a third pillar of their retirement planning —alongside homeownership and traditional forms of savings.

She invests cautiously, does extensive research, and invests only amounts she intends to hold for the long term.

Heike is thus a prime example of a type of investor who is often overlooked in public debate.

People who start investing today usually build up their wealth gradually

Some of the early Bitcoin investors have amassed considerable fortunes today.

However, these so-called “Bitcoin whales” have generally been building up their holdings over many years. Should lawmakers decide to make changes to the tax treatment in the future, transitional provisions or grandfathering provisions for existing holdings are likely to be implemented to protect legitimate expectations.

This would therefore primarily affect those who are just beginning to build their wealth today.

So, everyone,

• who save 50 or 100 euros a month,
• who want to build wealth over many years,
• who do not speculate,
• but rather plan for the long term.

 

It is precisely this group that would face significantly higher tax burdens and greater uncertainty in the future.

The holding period rewards long-term saving

The one-year holding period is not a benefit for short-term speculators.

Rather, it provides an incentive for long-term saving and sustainable wealth accumulation.

Those who hold Bitcoin for many years do not engage in short-term trading. They build wealth step by step, assuming the long-term risk in the process.

It is precisely this behavior that is taken into account for tax purposes under the existing holding period.

Eliminating the holding period would remove this incentive.

Any subsequent sale would remain subject to tax indefinitely. At the same time, long-term savers would still have to document and prove their acquisition costs even after many years.

This would place a burden on the very group that wants to build wealth over the long term.

The study highlights a shift in society

The Bitcoin adoption study highlights something else as well.

These days, many people no longer get into Bitcoin because of its technology or speculative expectations.

They come from personal experiences.

You’ll experience:

• an uncertain retirement plan,
• rising inflation,
• dwindling confidence in banks,
• political interference in existing pension plans.

 

As a result, Bitcoin is becoming a form of personal retirement savings for many people.

Not because Bitcoin is risk-free.

Rather, it is because they want to take greater control of their own financial future.

Why this is important for the political debate

Anyone discussing the elimination of the holding period today should be aware of who this decision actually affects.

Not the early Bitcoin owners who have built up their fortunes over the years.

Rather, it’s the people who start today to set aside small amounts each month for their future.

The 2026 Bitcoin Adoption Study clearly demonstrates that Bitcoin is increasingly viewed as a long-term component of personal wealth accumulation.

It is precisely these small-scale savers with a long-term perspective who would be the most affected by the elimination of the holding period.

A responsible tax policy should therefore not be based on outdated stereotypes of short-term crypto speculators, but rather on the actual behavior of the people who use Bitcoin today.

Conclusion

The debate over the holding period is much more than a technical issue of tax law.

It will determine whether long-term personal savings will remain a viable option in the future.

The 2026 Bitcoin Adoption Study makes an important contribution to this discussion. It shows that, for many people, Bitcoin is no longer merely a short-term speculative asset, but rather a part of their personal retirement planning and long-term wealth accumulation.

Anyone who eliminates the holding period therefore does not primarily affect wealthy early investors—but rather those who are starting today to take responsibility for their own financial future by setting aside small, regular savings.

Precisely because policymakers are calling for more private retirement savings, they should not place an additional burden on long-term savers. The findings of the Bitcoin adoption study provide important food for thought in this regard.

Sources and Further Information

2026 Bitcoin Adoption Study by the German Bitcoin Association
https://bitcoin-bundesverband.de/bitcoin-adoptionsstudie-2026-bitcoin-adoption-in-der-dach-region/

Original study by Oberwasser Consulting
https://oberwasser-consulting.de/btc-adoption-studie/

FOCUS Online: “Riester Frustration: Now Heike (60) Is Buying Bitcoin for Her Retirement”
https://www.focus.de/finanzen/riester-frust-jetzt-kauft-heike-60-bitcoin-fuer-die-rente_f93c2e67-a96a-4d9b-a3f1-1d6b76093709.html