- 1 Amanda Pritchard, NHS chief, raised concerns amid rising crypto trading addiction.
- 2 A rapid rise was recorded in trading addiction cases, causing public health concerns.
- 3 There have been calls for ‘intervention’ and actions by lawmakers.
On June 12, at the ConfedExpo conference, Amanda Pritchard, National Health Service (NHS) chief, raised concerns about increasing crypto trading addiction among young investors. Specialist clinics are documenting many cases of trading addiction amid calls for comprehensive crypto regulation.
Amanda Pritchard’s Views on Crypto Trading Addiction
During the speech at the ConfedExpo conference in Manchester, Pritchard said that crypto trading addiction is now emerging as a major public health concern. Young investors are increasingly attracted to unregulated crypto markets and are developing unhealthy trading habits.
Today at @ConfedExpo my message was simple — together we have achieved so much, but we have the ambition to do much more.
— Amanda Pritchard (@AmandaPritchard) June 12, 2024
Read my speech in full. https://t.co/DWYL5VNdfR pic.twitter.com/LIR25rnS5R
She noted that it is essential for the British Government to intervene and take major actions to stop this trend. The thought of investing with no fixed value raised a demand for institutional health services.
“Will we tackle problems at the source, or do we accept the NHS becomes an expensive safety net?” questioned Pritchard at the conference.
The UK secures a second position in cryptocurrency market revenue, which also represents the interest of UK investors and traders in digital assets. However, UK legislation has taken several steps to regulate the crypto industry.
In June 2023, King Charles proposed laws to measure crypto and other financial services on the same scale. Unfortunately, the Treasury rejected the proposal in July 2023 to regulate the crypto sector with the same rules as gambling.
Cryptocurrency Holdings in The UK
With time, the awareness of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) increased among investors and traders, especially in the US and UK.
At press time, BTC was hovering at $67,327.63, after a fall of 0.14% in a day, and ETH was trading at $3,482.05, after a drop of 1.00% in a day with a market cap of $418,513,094,429.
As of February 2022, over 10% of UK adults were holding some form of digital assets, as per a UK Government report. Among those, 53% hold £1,000 or less in crypto, whereas 7% hold more than £5,000.
In the same way, 76% of the crypto holders are under the age of 45, and approximately 69% of them are male. By the end of 2023, the total crypto users count in the UK hit 17.66 Million and is expected to hit 22.43 Million by 2028 end.
Crypto Market Revenue in The UK
The craze (and addiction) of cryptocurrency trading can also be estimated by the UK’s total crypto market revenue generation. According to a Statista report, in 2022, the market generated over $0.9 Billion in revenue and around $1.9 Billion in 2023.
UK crypto market revenue I Source: Statista
Similarly, the recorded are anticipated to hit around $3.0 Billion by 2025 end and over $3.7 Billion by 2028. Furthermore, average revenue per user also spiked from $66.4 in 2022 to $110.0 in 2023.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
