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”,

The West Palm Beach-based hedge fund said the “inevitable collapse” of the crypto bubble “could wreak havoc in ways we cannot yet anticipate.” Here's why.