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In public discourse, cryptocurrencies are often still viewed as short-term speculative assets. However, a recent representative study paints a different picture: More and more investors are taking a long-term approach—many even specifically for their retirement planning. It is precisely this group that would be particularly affected by the elimination of the one-year holding period.
The political debate over the taxation of cryptocurrencies often revolves around the image of the short-term trader. The common assumption is that anyone who invests in cryptocurrencies buys and sells regularly in order to make a profit as quickly as possible.
However, a recent representative study commissioned by the BISON crypto platform of the Stuttgart Stock Exchange paints a much more nuanced picture. For many investors, the focus has long since shifted away from short-term speculation toward long-term wealth accumulation and private retirement planning.
Long-term investors are in the majority
For the study, 2,000 people between the ages of 18 and 70 who were representative of the German population were surveyed. Fifteen percent of those surveyed said they currently invest in cryptocurrencies.
A remarkable picture emerges among these investors:
- 48 percent use cryptocurrencies as a long-term investment, for example, for retirement planning.
- Only 37 percent invest primarily with the goal of making short-term profits.
- Another 35 percent view cryptocurrencies as part of a diversified investment portfolio.
- 34 percent use it as a hedge against inflation.
As a result, more investors today are already pursuing a long-term strategy rather than short-term trading.
Long-term wealth accumulation rather than short-term speculation
The picture becomes even clearer when we ask about the actual investment objectives.
The majority of current crypto investors are aiming for long-term appreciation:
- 54.3 percent want to build wealth over the long term.
- 37.8 percent explicitly cite retirement planning as a goal.
- 34.6 percent invest to protect against inflation.
- Only 34.2 percent are focused on short-term gains.
- 33.6 percent would like to have more control over their own assets.
- 31.7 percent value independence from traditional banks.
The results show that, for many investors, cryptocurrencies have long since become more than just speculative assets. They are increasingly viewed as a long-term component of personal wealth accumulation.
Who are the long-term crypto savers?
It is particularly interesting to look at the different age groups.
While younger investors between the ages of 18 and 29 cite short-term trading and long-term investing with nearly equal frequency, the picture changes significantly starting at age 30.
Among 30- to 39-year-olds, nearly one in two already uses cryptocurrencies as a long-term investment. In older age groups, this proportion rises even further. Among 50- to 59-year-olds, about two-thirds follow a long-term investment strategy.
In particular, people who are already taking a more active interest in their retirement planning tend not to invest speculatively, but rather with a long-term investment horizon.
Millions of long-term investors
The study also shows that 15 percent of Germans between the ages of 18 and 70 currently own cryptocurrency.
If we extrapolate these results to the German population, it becomes clear that this is not just a small group of speculators. Rather, we are talking about several million people who are already investing in cryptocurrencies today.
Given that nearly one in two of these investors is saving for the long term, the debate over the tax treatment of crypto assets affects not just a handful of traders, but millions of long-term-oriented individual investors.
What does this mean for the holding period?
Currently, gains from private sales of cryptocurrencies are generally tax-exempt if the assets have been held for more than one year.
However, there are recurring discussions about abolishing this one-year holding period.
The results of the BISON study show who would actually be affected by such a change.
Not primarily short-term traders.
But people,
- who want to build wealth over the long term,
- who are making private provisions for their retirement,
- who invest over many years,
- and who aren’t currently trading their crypto assets on a regular basis.
Abolishing the holding period would therefore primarily affect those who take a particularly long-term and responsible approach.
An important signal for the political debate
This representative study makes an interesting contribution to the current debate on tax policy.
It shows that the image of the short-term crypto speculator no longer reflects the reality of many investors. Cryptocurrencies are increasingly being used as long-term investments—often with the goal of private retirement planning.
That is precisely why the political debate on the future of the holding period should take into account the actual use of crypto assets. Those who save for the long term should not be placed at a tax disadvantage compared to today. The available data suggests that the one-year holding period primarily supports long-term wealth accumulation—and thus protects precisely those investors who do not engage in short-term speculation but rather wish to build wealth over the course of many years.
About the Study: The study was conducted by Marketagent on behalf of BISON
