Weight loss jabs like Ozempic and Wegovy should not be used to get the “Instagram perfect body”, West Streeting said amid a surge in demand for the treatment.
The health secretary told the Politics Hub With Sophy Ridge that his view on the injections “is pretty nuanced”, as while the results can be “game changing” in tackling obesity, they should not be “used and abused”.
Obesity costs the NHS around £6.5bn a year and is the second biggest preventable cause of cancer.
Studies show people lose on average 15% of their body weight within months of starting treatment with Wegovy, the brand name for semaglutide, which is also known as Ozempic.
The drug mimics a natural hormone and people feel fuller faster and for longer.
Asked if he is concerned about the report, Mr Streeting said: “My view on this is pretty nuanced, actually. I think that some of these drugs can be game changing in terms of tackling obesity.
“For those people that are so obese, that diet, exercise doesn’t feel like it’s having much of an impact, It feels like you’re on a losing battle. I think the drugs can make a really big impact in terms of getting weight under control.
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11:39
Wegovy rollout slower than expected
“Where I think we’ve just got to be careful, though, is that we don’t see these drugs as an excuse not to do the right thing in terms of our diet, nutrition, exercise or to use them as cosmetic drugs for the Instagram perfect body.”
Mr Streeting went on to say that the drug could risk fuelling a rise in eating disorders and body dysmorphia if rolled out en masse – and it should be used alongside diet and exercise, rather than as a supplement.
“Drugs do come at a cost and they come at a cost to the NHS,” he added.
“It’s great the NHS is there for us and it’s free at the point of use… but that doesn’t mean that you should use it and abuse it.”
People have ‘moved on from Brexit’
Elsewhere in the interview, Mr Streeting claimed people have “moved on from Brexit”, when asked about a green paper which found leaving the EU reduced investment by 11%.
The paper, on the government’s New Industrial Strategy, opened with a forward from the chancellor which spoke about forging a closer relationship with Brussels to ensure smoother trade and better business.
Asked why there can’t be a debate about rejoining the single market or the customs union, given Labour’s ambition for growth, Mr Streeting said: “People have moved on, the country has moved on, the EU has moved on.
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“And let me tell you, not just here but in Brussels, there is no appetite to relitigate those arguments, to reopen things that have been settled.”
He said the Remain camp, which he backed, warned about the economic consequences of Brexit – which he said came to pass, and “that’s a fact of life. We have to deal with it”.
“I think the sweet spot is working as closely with the European Union where we can, but also showing the agility to work with and through partners in other markets as well.”
“There’s too much regulation in the NHS and in some aspects… and I also think there’s far too much regulation in the economy.
“Sometimes, simplicity is more effective. And that’s been traditionally a right-left debate in British politics. But it really shouldn’t, it should be a right or wrong conversation.”
For years, inflation was primarily a concern for emerging markets, where volatile currencies and economic instability made rising prices a persistent challenge. However, in the wake of the COVID-19 pandemic, inflation became a global issue. Once-stable economies with historically low inflation were suddenly grappling with soaring costs, prompting investors to rethink how to preserve their wealth.
While gold and real estate have long been hailed as safe-haven assets, Bitcoin’s supporters argue that its fixed supply and decentralized nature make it the ultimate shield against inflation. But does the theory hold up?
The answer may depend largely on where one lives.
Bitcoin advocates emphasize its strict supply limit of 21 million coins as a key advantage in combating inflationary monetary policies. Unlike fiat currencies, which central banks can print in unlimited quantities, Bitcoin’s supply is predetermined by an algorithm, preventing any form of artificial expansion. This scarcity, they argue, makes Bitcoin akin to “digital gold” and a more reliable store of value than traditional government-issued money.
Several companies and even sovereign nations have embraced the idea, adding Bitcoin to their treasuries to hedge against fiat currency risk and inflation. The most notable example is El Salvador, which made global headlines in 2021 by becoming the first country to adopt Bitcoin as legal tender. The government has since been steadily accumulating Bitcoin, making it a key component of its economic strategy. Companies like Strategy in the US and Metaplanet in Japan have followed suit, and now the United States is in the process of establishing its own Strategic Bitcoin Reserve.
A Bitcoin investment strategy has paid off so far
So far, the corporate and government Bitcoin investment strategy has paid off as BTC outperformed the S&P 500 and gold futures since the early 2020s before inflation surged in the United States.
More recently, however, that strong performance has shown signs of moderation. Bitcoin remains a strong performer over the past 12 months, and while BTC’s gains outpace consumer inflation, economists caution that past performance is no guarantee of future results. Indeed, some studies suggest a correlation between cryptocurrency returns and changes in inflation expectations is far from consistent over time.
Returns over the past 12 months. Source: Truflation.
Bitcoin’s role as an inflation hedge remains uncertain
Unlike traditional inflation hedges such as gold, Bitcoin is still a relatively new asset. Its role as a hedge remains uncertain, especially considering that widespread adoption has only gained traction in recent years.
Despite high inflation in recent years, Bitcoin’s price has fluctuated wildly, often correlating more with risk assets like tech stocks than with traditional inflation hedges like gold.
A recent study published in the Journal of Economics and Business found that Bitcoin’s ability to hedge inflation has weakened over time, particularly as institutional adoption grew. In 2022, when US inflation hit a 40-year high, Bitcoin lost more than 60% of its value, while gold, a traditional inflation hedge, remained relatively stable.
For this reason, some analysts say that Bitcoin’s price may be driven more by investor sentiment and liquidity conditions than by macroeconomic fundamentals like inflation. When the risk appetite is strong, Bitcoin rallies. But when markets are fearful, Bitcoin often crashes alongside stocks.
In a Journal of Economics and Business study, authors Harold Rodriguez and Jefferson Colombo said,
“Based on monthly data between August 2010 and January 2023, the results indicate that Bitcoin returns increase significantly after a positive inflationary shock, corroborating empirical evidence that Bitcoin can act as an inflation hedge.”
However, they noted that Bitcoin’s inflationary hedging property was stronger in the early days when institutional adoption of BTC was not as prevalent. Both researchers agreed that “[…]Bitcoin’s inflation-hedging property is context-specific and likely diminishes as it achieves broader adoption and becomes more integrated into mainstream financial markets.”
US inflation index since 2020.Source. Truflation
“So far, it has acted as an inflation hedge—but it’s not a black-and-white case. It’s more of a cyclical (phenomenon),” Robert Walden, head of trading at Abra, told Cointelegraph.
Walden said,
“For Bitcoin to be a true inflation hedge, it would need to consistently outpace inflation year after year with its returns. However, due to its parabolic nature, its performance tends to be highly asymmetric over time.”
Bitcoin’s movement right now, Walden said, is more about market positioning than inflation hedging—it’s about capital flows and interest rates.”
Argentina and Turkey seek financial refuge in crypto
In economies suffering from runaway inflation and strict capital controls, Bitcoin has proven to be a valuable tool for preserving wealth. Argentina and Turkey, two countries with persistent inflation throughout recent decades, illustrate this dynamic well.
Argentina has long grappled with recurring financial crises and soaring inflation. While inflation has shown signs of improvement very recently, locals have historically turned to cryptocurrency as a way to bypass financial restrictions and protect their wealth from currency depreciation.
A recent Coinbase survey found that 87% of Argentinians believe crypto and blockchain technology can enhance their financial independence, while nearly three in four respondents see crypto as a solution to challenges like inflation and high transaction costs.
With a population of 45 million, Argentina has become a hotbed for crypto adoption, with Coinbase reporting that as many as five million Argentinians use digital assets daily.
“Economic freedom is a cornerstone of prosperity, and we are proud to bring secure, transparent, and reliable crypto services to Argentina,” said Fabio Plein, Director for the Americas at Coinbase.
“For many Argentinians, crypto isn’t just an investment, it’s a necessity for regaining control over their financial futures.”
“People in Argentina don’t trust the peso. They are always looking for ways to store value outside of the local currency,” Julián Colombo, a senior director at Bitso, a major Latin American cryptocurrency exchange, told Cointelegraph.
“Bitcoin and stablecoins allow them to bypass capital controls and protect their savings from devaluation.”
Argentina inflation index. Source. Truflation.
Beyond individual investors, businesses in Argentina are also using Bitcoin and stablecoins to protect revenue and conduct international transactions. Some workers even opt to receive part of their salaries in cryptocurrency to safeguard their earnings from inflation.
According to economist and crypto analyst Natalia Motyl,
“Currency restrictions and capital controls imposed in recent years have made access to US dollars increasingly difficult amid high inflation and a crisis of confidence in the Argentine peso. In this environment, cryptocurrencies have emerged as a viable alternative for preserving the value of money, allowing individuals and businesses to bypass the limitations of the traditional financial system.”
While Bitcoin’s effectiveness as an inflation hedge is still up for debate, stablecoins have become a more practical solution in high-inflation economies, particularly those pegged to the US dollar.
Relative to its economic size, Turkey has emerged as a hotspot for stablecoin transactions. In the year leading up to March 2024, purchases alone accounted for 4.3% of GDP. This digital currency boom, fueled by years of double-digit inflation—peaking at 85% in 2022—and a more than 80% plunge in the lira against the dollar over the past five years, gained momentum during the pandemic.
Turkey’s Bitcoin adoption proves citizens drive adoption, not governments
Although Turkey allows its citizens to buy, hold, and trade crypto, the use of digital currencies for payments has been banned since 2021 when the Central Bank of the Republic of Turkey prohibited “any direct or indirect usage of crypto assets in payment services and electronic money issuance.” Nevertheless, crypto adoption in Turkey is still evident, with an increasing number of Turkish banks offering crypto services and shops and ATMs providing crypto exchange options.
High inflation rates backed the erosion of the Turkish lira’s value, which lost nearly 60% of its purchasing power as inflation soared to 85.5% between 2021 and 2023. This led many Turkish citizens to turn to Bitcoin as a store of value and a medium of exchange.
While some argue that Bitcoin’s scarcity bodes well for long-term appreciation, potentially outpacing consumer inflation, its high volatility and recurring correlation with tech-heavy, risk-associated indexes like the Nasdaq in recent times suggest that its performance as a pure inflation hedge remains mixed.
However, in inflation-ridden nations like Argentina and Turkey, where local currencies have collapsed in value, the “digital gold” has undeniably served as a crucial avenue of escape from local currencies, preserving purchasing power in ways traditional fiat cannot.
Although Bitcoin is still a nascent asset, and its effectiveness as a hedge requires further study, one thing remains clear—so far, it has significantly outperformed consumer inflation. For Bitcoin enthusiasts, that alone is reason enough to celebrate.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Pavel Durov, founder of the popular messaging app Telegram, has left France and relocated to Dubai following approval from a French court.
On March 13, Durov reportedly received permission from the French court to depart the country, allowing him to travel to Dubai — a city known for its business-friendly environment and lack of extradition agreements with many nations — according to a Barron’s report citing unknown sources.
The exact terms of the court’s decision remain unclear, but Durov’s relocation has reignited debates about jurisdiction, privacy, and the responsibilities of tech leaders in combating illegal activities on their platforms.
Citing unnamed sources, AFP reported that “He (Durov) departed France this morning,” adding that he left with the authorities’ approval. Another source stated that he had been granted permission to leave France for “several weeks.”
French prosecutors accused Durov of running a platform that allegedly enables illegal activities, according to charges announced on Aug. 28, 2024.
Daily price chart of Toncoin. Source: TradingView
The crypto market reacted positively to the news of Durov departing from France. Toncoin (TON), the native cryptocurrency of The Open Network (TON), spiked over 18% in market price, according to data from Cointelegraph Markets Pro and TradingView.
First report on Durov’s case in France since late 2024
The unconfirmed reports suggest that Durov has either settled his case in France or received permission to leave the country while the court case is ongoing.
Durov did not confirm his departure on social media by publishing time, while the French government officials are yet to issue a public statement, should the news be the case.
France’s Prosecutor’s Office, or Parquet de Paris, promptly issued a statement on preliminary charges to Durov on Aug. 28, accusing the Telegram founder of facilitating a platform that enables illicit transactions.
Durov was released from French custody on Aug. 28 after posting a $6 million bail. However, French authorities required him to remain in the country and mandated his court appearance only upon the completion of the investigation.
Vinnik’s release came just a month ago
Durov, now 40, is a citizen of Russia who also holds French and United Arab Emirates passports.
Shortly after his arrest in France, the Russian government publicly expressed the willingness to provide assistance in his case, highlighting the complexity of the matter due to Durov being not only a Russian citizen but also a French citizen.
If confirmed, Durov’s departure from France would mark another important event in the timeline of Russian programmers’ releases by governments worldwide.
Alexander Vinnik exits from the plane in Moscow. Source: The Moscow Times
Alexander Vinnik, operator of the now-defunct cryptocurrency exchange BTC-e, finally returned to Russia just a month ago following long-running disputes over his custody and indictment since his arrest in 2017.
According to a Wall Street Journal report, Vinnik’s prison release from the United States came as part of a US-Russia prisoner swap amid the countries seeking to mend diplomatic ties following Donald Trump’s presidential return in January.
Military chiefs from around the world will meet next week to discuss the “operational phase” of protecting Ukraine as part of a peacekeeping force, Sir Keir Starmer has announced.
The prime minister hosted a virtual meeting of the “coalition of the willing” on Saturday, which involved leaders of 26 nations, including Ukraine, plus the EU and NATO, to discuss ending the war in Ukraine.
Speaking after the 90-minute meeting, Sir Keir revealed military chiefs from the group of Western nations would meet on Thursday as they move “into an operational phase”.
He said they would draw up plans to help secure Ukraine “on the land, at sea and in the sky” if a peace deal can be agreed with Russia.
The day before, Ukraine President Volodymyr Zelenskyy accepted a proposal for a 30-day interim ceasefire as Russia agreed to an end to fighting, however, President Vladimir Putin said “lots of questions” remain over the proposals.
Image: Sir Keir Starmer hosting a video conference call of the ‘coalition of the willing’. Pic: PA
Notably absent from Saturday’s call was US President Donald Trump, but Sir Keir reiterated any peace deal requires a US backstop.
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He said the UK is talking to the US “on a daily basis” and there is a “collective resolve” to end the war, which has been shown by the “momentum we’re building up now” by the many allied countries being “on the same page” both politically and militarily.
He said Thursday’s meeting of military chiefs “is very much an operational planning meeting”.
The PM added the “coalition of the willing” had increased in size since leaders met for the first time just under two weeks ago at Lancaster House in London.
Italian Prime Minister Georgia Meloni was the most notable addition after reports she would “shun” the meeting because she is “not convinced” by the Anglo-French plan to send European peacekeepers to Ukraine.
Image: On Friday, a Russian drone attack set a civilian hospital in Zolochiv, Kharkiv region, on fire. Pic: Ukrainian Emergency Service via AP
PM dodges what rules of engagement would be
Answering a question from Sky News’ deputy political editor Sam Coates on what the rules of engagement would be for troops on the ground as part of a peacekeeping process, Sir Keir said the meeting will set that out.
He said he has already indicated he wants the UK “to play a leading role” in the provision of troops and air power, while other countries will have different capabilities.
But, he said a peace deal needs to be achieved first, which requires more pressure on Russia.
“If there’s going to be lasting peace, there’s going to have to be security arrangements,” the PM said, noting that Putin has previously broken a peace deal with Ukraine.
‘World needs action, not a study’
Sir Keir also said on the call that the gathering of leaders rejected Mr Putin’s “yes, but” approach, in reference to the Russian president saying he would agree to a ceasefire but there must be a “study” into how that would look.
The prime minister said: “The world needs action, not a study, not empty words and conditions. So my message is very clear. Sooner or later, Putin will have to come to the table.
“So this is the moment that the guns fall silent, that the barbaric attacks on Ukraine once and for all stop and agree to a ceasefire now.”
The PM revealed seizing Russian assets was discussed in the meeting but said it was “a complicated question”.
While Sir Keir Starmer’s coalition of willing world leaders weren’t standing literally shoulder to shoulder at this morning’s meeting, their united presence still sent a powerful message of support to the Ukrainians after another tumultuous week.
It was clearly important to make a united statement of conviction that the Ukrainians are the “party of peace”, willing to sign up to a ceasefire without conditions, and the Russians, therefore the de facto party of war, delaying a ceasefire and continuing with their “barbaric attacks”.
But what of the “concrete commitments” Sir Keir said he wanted to secure from the meeting?
While the PM said new commitments had been made, he gave no specific details beyond insisting the coalition would be moving into an “operational military planning” phase, with a meeting of military leaders to be held in the UK.
He had no detailed answer to Sky News’ deputy political editor Sam Coates’ question about what power any troops deployed as part of the coalition of the willing would actually have to police any deal, arguing he was willing for UK forces to play a leading role but that operational capabilities will be discussed on Thursday.
Today’s messages were directed at both Russia and the US. Starmer insisted Russia would be forced to the table sooner or later – by the increased military support given to the Ukrainians and through the threat of greater economic sanctions. The long-held hope of seizing frozen Russian assets was also discussed, he said.
And as for his audience in the White House, the PM was demonstrating again that Europe and its allies have been listening to his calls to do more to shoulder the burden of defending Ukraine – and themselves.
But his argument that no peace deal can be secure and lasting without American security guarantees is unchanged. He reiterated all this needs to be done “in conjunction with the United States” and said his team are in daily talks with Washington.
For all the political power assembled online today, the absence of the US is as striking as ever. Despite that, progress continues.
Zelenskyy accuses Putin of lying to everyone
President Zelenskyy revealed he addressed the meeting and told them the path to peace “must begin unconditionally” and if Russia does not want to do that “then strong pressure must be applied until they do”.
He said the 30-day ceasefire proposal from the Americans negotiating in Saudi Arabia with the Russians has been on the table since Tuesday but accused Mr Putin of “lying to everyone” about the situation on the ground and about how a ceasefire is “supposedly too complicated”.
The Ukrainian leader pleaded with the West to “define a clear position on security guarantees” and for European nations to invest in defence so the continent has “its arsenals and the capability to produce the most advanced weapons”, and to strengthen air defence.
Mr Zelenskyy suggested another coalition of the willing meeting will be held in a week’s time.
Image: Volodymyr Zelenskyy called for ‘strong pressure’ to be applied to Mr Putin until he accepts the ceasefire deal. Pic: Reuters
Who is part of the ‘coalition of the willing’?
The leaders involved in Saturday’s call were from: Australia, Belgium, Bulgaria, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Iceland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Spain, Sweden, Turkey, Ukraine and the UK.
NATO Secretary General Mark Rutte, EU Commission President Ursula von der Leyen and EU Council President Antonio Costa also joined.