Amanda Pritchard, Chief Executive of the UK’s National Health Service (NHS), has voiced deep concerns over the increasing number of young men seeking treatment for addiction to Bitcoin trading.

Speaking on June 12, Pritchard highlighted the urgent need for regulatory action to curb the harmful effects of unregulated crypto platforms.

According to Pritchard, unregulated crypto markets are becoming a gateway for young individuals, particularly men, to develop gambling-like addictions.

She noted that NHS staff in its network of 15 gambling clinics are witnessing a surge in cases related to crypto losses, paralleling issues seen with online sports betting addiction.

Pritchard pointed out that aggressive crypto advertisements on social media are exacerbating the problem by luring vulnerable individuals into risky trading.

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

Pritchard underscored the addictive nature of crypto investment, cautioning against the allure of speculative bets on volatile assets.

She expressed concerns that this trend could strain NHS resources further as more individuals seek treatment for gambling-like behaviors stemming from crypto trading losses.

The NHS chief’s remarks come amidst ongoing debates in the UK Parliament regarding the regulation of cryptocurrency markets. Critics have long argued that cryptocurrency investment resembles gambling due to its speculative nature.

In 2023, the UK Parliament’s Treasury Committee recommended tighter regulations for cryptocurrencies that lack backing, citing concerns over investor protection and financial stability.

However, the UK Treasury has pushed back against categorizing cryptocurrencies strictly as gambling.

Andrew Griffith, former Financial Services Minister, opposed proposals to treat crypto assets akin to gambling, emphasizing global recommendations from bodies like the International Organization of Securities Commissions and the G20 Financial Stability Board.