UK NHS Chief Flags Crypto Trading Addiction as Public Health Concern
As of December 2023, approximately 17 million people in the UK are reported to have owned or used cryptocurrencies.
Crypto trading has become an addictive habit among the younger population in the UK, according to National Health Service (NHS) Chief Executive Amanda Pritchard, who has raised alarms about the increasing cases of crypto trading addiction. Pritchard has called for intervention from UK lawmakers, highlighting the risks associated with cryptocurrency trading addiction. In recent months, UK Prime Minister Rishi Sunak’s administration has taken multiple crypto-friendly steps to position the nation as a lucrative hub for Web3 businesses.
Pritchard’s comments on the rise in crypto trading addiction were made earlier this week at the ConfedExpo of NHS managers in Manchester. The NHS chief executive noted a rise in the number of crypto investors addicted to the volatile and financially unstable activities of crypto trading.
“As a society, we need to ask: are we okay to just continue picking up the pieces while the methods employed to keep people hooked get ever-more sophisticated, and ever-more opportunities spring up for younger people to get addicted to gambling, including unregulated cryptocurrency,” Pritchard said in her speech, reflecting on what she learned during her visit to the national problem gambling clinic earlier this year.
Statista estimates that 17 million people in the UK — 26 percent of the country’s population — owned or used cryptocurrencies as of December 2023. Over the next four years, leading up to 2028, the number of crypto users is expected to surpass 22 million. By the end of this year, the UK is projected to generate $2.5 billion (approximately Rs. 20,886 crore) in revenue from the crypto market.
The NHS chief also cautioned that if the rising cases of crypto-related gambling are not addressed in time, they could pose a risk to members of the UK’s crypto community and the financial stability of the country.
The UK has been taking measures to protect unaware and uninformed people from the volatility of crypto trading. For instance, UK lawmakers have restricted crypto-related businesses from displaying promotional advertisements to attract customers to their platforms. Additionally, the UK treasury has invited public opinions on crypto-related risks and opportunities.
The Times quotes Pritchard as saying that people in the UK are investing their money in volatile assets, leaving the NHS to “pick up the pieces.”
“This growing problem could create further demand for the health service. Will we tackle problems at the source, or do we accept that the NHS becomes an expensive safety net?” Pritchard said, urging authorities to continue taking action to manage these financially risky decisions by UK citizens.
In 2023, a rehabilitation center in Spain launched a program for individuals addicted to cryptocurrency trading. For up to $75,000 (approximately Rs. 61 lakh), the rehab facility offered to treat crypto trading ‘addicts’ with massages, yoga, and therapy for a duration of up to four weeks.
