NHS Chief Urges Crypto Regulation Amid Surge in Bitcoin Trading Addictions

The UK’s National Health Service (NHS) chief, Amanda Pritchard, expressed growing concerns on Wednesday regarding the increasing number of young men seeking treatment for addiction to Bitcoin trading. She called for regulatory action on crypto platforms to mitigate further harm.

In a speech on June 12, Pritchard outlined her worries about the impact of unregulated crypto markets. She argued that these platforms act as a gateway, leading young people to develop gambling addictions.

Pritchard mentioned that staff across the NHS’ 15 gambling clinics are encountering young men in crisis due to losses from crypto trading. These cases are appearing alongside those struggling with online sports betting addiction. She noted that flashy crypto advertisements on social media often trigger young male addicts.

“Are we okay to just continue picking up the pieces while the methods employed to keep people hooked get ever more sophisticated?” Pritchard questioned.

Is Bitcoin Trading Addiction Straining NHS Resources? Pritchard also pointed out the addictive nature of crypto investments, cautioning against risky bets on volatile assets. She warned that this trend could burden the NHS as it faces an increasing number of individuals needing treatment for crypto-related losses.

She stressed the importance of considering how the NHS can allocate its limited resources effectively to address this emerging issue.

Will the UK Tighten Regulations on the Crypto Market? Reflecting long-standing concerns, critics have likened cryptocurrency investment to gambling. In 2023, the UK Parliament’s Treasury Committee recommended stricter regulations for unbacked cryptocurrencies, arguing that speculation in these assets resembles gambling more than a legitimate financial service.

Despite calls for stricter regulation, the UK Treasury resisted equating cryptocurrencies to gambling. Andrew Griffith, the Financial Services Minister at the time, firmly opposed the lawmakers' proposal to treat cryptoassets as a form of gambling.

“Treating cryptos as a form of gambling would run completely counter to globally agreed recommendations from international organizations and standard-setting bodies, including the International Organization of Securities Commissions and the G20 Financial Stability Board,” Griffith said.