The legendary activist firm warned that crypto is leading a market frenzy that has investors “acting like a crowd of sports bettors” by flocking to entirely speculative assets.

Elliott Management wrote that White House policy is fueling a speculative crypto bubble that will eventually "wreak havoc."

The Trump administration’s embrace of cryptocurrencies is helping fuel a speculative mania that could cause “havoc” when prices collapse, the hedge fund Elliott Management has warned. The $70bn-in-assets firm took aim at the US government’s apparent enthusiasm for assets that have soared in price but have “no substance”,

Hedge fund Elliott Management recently sent a letter to investors warning them away from crypto. It urged clients to remember that crypto is a speculative market, suggested that the White House has caused a massive bubble to form, and predicted that a huge crash is coming.

One of the most powerful hedge funds on Wall Street has reportedly criticized the Trump administration for helping drive a frenzy around cryptocurrencies that could ultimately harm investors.

Elliott Management warns that the Trump administration’s backing of cryptocurrencies is driving a speculative bubble. The hedge fund argues that cryptocurrencies, with “no substance,” could

Elliott Management warns that Trump’s pro-crypto policies are fueling a speculative bubble that could lead to market havoc.

Elliot Management, a well-known hedge fund led by Paul Singer, has recently raised a red flag on President Donald Trump’s support of cryptocurrencies according to BSCN. According to the firm, his pro-crypto stance could lead to significant damages in the economy when the crypto bubble collapses.