UK’s National Health Service (NHS) is witnessing a concerning surge in addiction to Bitcoin trading among young men, according to NHS chief Amanda Pritchard. Pritchard expressed her worries about the increasing number of young men seeking help for their addiction to cryptocurrency trading and called for action to regulate crypto platforms to prevent further harm.
During a speech on June 12, Pritchard highlighted the dangers of unregulated crypto markets, stating that they are serving as a gateway for young individuals to develop gambling addictions. NHS staff at the network of 15 gambling clinics are reporting an increase in cases of young men in crisis as a result of losses from crypto trading, along with those struggling with online sports betting addictions. The flashy advertisements for cryptocurrencies on social media are seen as triggers for these young male addicts.
Pritchard questioned whether it is sustainable for the NHS to continue addressing the consequences of addiction while the methods used to keep individuals hooked become more sophisticated. She also pointed out the addictive nature of crypto investments, warning of risky bets on volatile assets that could strain NHS resources as more individuals require treatment for their losses.
The ongoing debate surrounding cryptocurrency investments and gambling was also touched upon, with critics drawing parallels between the two. In 2023, the UK Parliament’s Treasury Committee suggested tighter regulations for unbacked cryptocurrencies, arguing that speculation in these assets resembles gambling rather than a legitimate financial service.
Despite these concerns, the UK Treasury has resisted treating cryptoassets as a form of gambling. Andrew Griffith, the then-Financial Services Minister, rejected the proposal from lawmakers, citing recommendations from international organizations like the International Organization of Securities Commissions and the G20 Financial Stability Board.
As the issue of Bitcoin trading addiction continues to escalate, the UK faces a critical decision on whether to tighten its grip on the crypto market to protect vulnerable individuals from the dangers of unregulated trading.
