Hedge fund Elliott: The White House is inflating a cryptocurrency bubble that could cause serious damage

Odaily Planet Daily News: Hedge fund Elliott warned that the Trump administration’s support for cryptocurrencies has fueled a speculative frenzy that could cause “serious damage” when prices plummet. The $70 billion firm took aim at the U.S. government’s apparent enthusiasm for an asset with skyrocketing prices but “no substance,” as well as pro-cryptocurrency politicians, according to an investor letter. Elliott wrote that the fund has “never seen a market like this”… The AI ​​boom and high stock valuations are signs that investors are “behaving like a bunch of sports bettors.” Cryptocurrency is the "starting point" for the entire market's speculative craze, not only because of its size but also because it is "close to the White House." The “inevitable collapse” of the cryptocurrency bubble “could wreak havoc in ways we cannot anticipate.” It’s worth noting that Elliott founder Paul Singer is a longtime Republican donor, having donated $56 million to conservative candidates during the 2024 election cycle. (Golden Ten)