Accountants showing less enthusiasm for crypto

Worldwide interest in cryptocurrency as it relates to accounting plunged over the last year.

Cryptocurrency tax solutions provider Recap said that, in the last year, almost all countries analyzed have seen a dip in demand for accounting- and crypto-related searches (save the Netherlands, which saw a small 1% increase). Google search data shows that worldwide appetite from accountants looking to engage in crypto dropped 14% in this time. Mexico, Ghana and Turkey all had the biggest fall, with drops of over 25%. For the U.S., the drop was 17%.

Recap also conducted a poll on Reddit's accounting forum which, like cryptocurrency users overall, tends to skew younger in its demographics. Despite this, however, only 9% of users in the forum said they were actively trying to increase their skills in accounting for crypto; some users questioned how relevant it actually is to the business world while others said there wasn't much more to learn.

While there has been a short-term spike in U.S. accountants seeking to engage with cryptocurrencies, as evidenced by a 27% spike over the last three months, worldwide the total dipped by 3%.

Daniel Howitt, co-founder and CEO at Recap, said it was a mistake for accountants to not seek to upskill themselves when it comes to cryptocurrencies.

"It could be ignorance, it could be arrogance, but accountants have a duty to represent their client's efficiently and effectively. As [tax authorities confirm] proposals to regulate the crypto industry, investors need their accountants to be well-versed in crypto. In a complicated industry, they need to be able to easily manage their crypto and non-crypto assets, and their tax affairs," he said. "Crypto is a real opportunity for accountants, evidenced by the growing demand from investors, and building expertise in the field can help you to stand out from the wider market."