A prominent voice in the UK’s financial sector is urging the government to re-evaluate its stance on cryptocurrency taxation. Lisa Gordon, chair of investment bank Cavendish and a seasoned non-executive director with experience at firms like JP Morgan Small Cap Growth & Income PLC, has proposed implementing stamp duty on cryptocurrencies. Her goal? To curb what she sees as an alarming trend among UK adults and shift capital toward more “productive” investments such as equities.
Crypto Ownership Among Over-45s Is a “Terrifying” Trend, Says Gordon
Gordon didn’t mince words in her recent comments reported by The Times. Describing cryptocurrencies as “non-productive assets,” she warned that crypto investing does little to benefit the real economy. According to her, the rapid rise in crypto ownership among UK adults — particularly those over the age of 45 — signals a worrying shift in investment behavior.
A Call to Action for Economic Sustainability
“It should terrify all of us that over half of over-45s own crypto and no equities,” Gordon said, expressing concern that this trend is undermining the UK’s long-term economic health. She proposed a drastic but clear course correction: eliminate stamp duty on share purchases and impose it on crypto transactions instead. “I would love to see stamp duty cut on equities and applied to crypto,” she stated.
Crypto Adoption Surges Despite Regulatory Oversight
Despite regulatory crackdowns, the UK’s interest in digital assets continues to grow. According to research by the Financial Conduct Authority (FCA), over seven million UK adults — roughly 12 percent of the adult population — now own cryptocurrencies. Awareness and average holdings are both on the rise, year over year.
Kraken and the Rise of UK Crypto Infrastructure
Crypto exchange Kraken recently secured an Electronic Money Institution (EMI) license from UK regulators, further cementing the country’s infrastructure for digital assets. Bivu Das, Kraken’s UK general manager, remarked that the country is “on the brink of mass crypto adoption.”
In the Chainalysis Global Crypto Adoption Index, the UK climbed from 14th to 12th place between 2023 and 2024 — a significant leap despite growing regulatory scrutiny.
Gordon: Britons Prefer Saving Over Investing — and That’s a Problem
Gordon also criticized the growing trend of saving rather than investing. She argued that putting money into crypto or simply holding it in savings accounts won’t generate long-term returns necessary for a stable retirement. “That’s not going to fund a viable retirement,” she warned.
UK vs US: A Tale of Two Markets
While Gordon was critical of the domestic investment landscape, she also acknowledged that the UK is relatively stable compared to global peers. Referencing recent volatility in the US — including tariff threats under former President Trump and recession fears that have wiped trillions from US markets — she described Britain as something of a “safe haven.”
A National Investment Crossroads
The UK appears to be at a pivotal moment. On one hand, the surge in crypto adoption suggests a population hungry for high-risk, high-reward investment opportunities. On the other, traditional finance leaders like Gordon are sounding the alarm — urging a redirection of capital back into the stock market, where it can ostensibly do more for the broader economy.
Whether the government will consider such a tax policy shift remains to be seen, but the debate around crypto’s role in the UK’s financial future is clearly heating up.
