Elliott Management, a hedge fund company that is known for its concern about the embrace by President Trump of digital assets, believes it will “wreak havoc on financial markets”.
The Financial Times reported that a $70 billion hedge-fund had written to investors saying crypto assets are “meaningless” and criticizing politicians who support the industry.
Elliott Management says it has never seen anything like the crypto market and compares cryptocurrency investors with “a group of sports betting fans.”
Elliott believes that crypto could “marginalize the dollar”, which would be “profoundly harmful.”
Paul Singer, founder, co-CEO and president of his firm, had been a Trump critic before he eventually gave in, and became a Trump donor as early as 2017 In 2024, reports surfaced that Singer and his fellow hedge fund titan Ken Griffin discussed donating money to Trump’s campaign.
The Financial Times cites data from OpenSecrets to claim that the Republican donor donated approximately $56 million during the 2020 election cycle.
Singer’s company, despite a long history of supporting Trump and Republicans questions the US government for encouraging alternatives to the US Dollar at a moment when countries like the BRICS are trying to reduce their dependence on the US currency.
Trump’s executive order, signed shortly after he was elected as president and titled Strengthening American Leadership in Digital Financial Technology (Strengthening American Leadership in Digital Financial Technology), states that the Trump administration is in favor of “responsible” growth and the use of blockchain and digital assets.
This order cancels the previous directives of President Biden on digital assets and establishes a working group to coordinate and develop a regulatory framework for digital assets in 180 days.
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The following post is a $70,000,000,000 hedge fund that says Trump has driven a ‘Speculative Mania” for Crypto Assets. Here’s its warning: This report may change as new information becomes available.
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