Millions of Americans trade cryptocurrency, but a new study from the University of Iowa finds many of them may not be very savvy when it comes to finance, acting more like meme stock traders and failing to report gains on their taxes.

The researchers examined anonymous data from more than 1 billion tax returns on reported sales of cryptocurrency like Bitcoin and Ethereum between 2013 and 2021 provided by the IRS.

The results suggest those sellers tended to be younger and less experienced than most equities traders and had lower incomes, becoming more so over time, said Jaron Wilde, study co-author and professor of accounting at the Tippie College of Business. He said that in the eight-year study period, the age of…