Odaily 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. An investor letter shows that the $70 billion company has taken aim at the U.S. government's remarkable enthusiasm for assets that have soared in price but "have no substance," as well as politicians who support cryptocurrencies. Elliott wrote that the fund has "never seen a market like this"... The artificial intelligence boom and high stock market valuations are signs that investors are "behaving like a group of sports bettors." Cryptocurrency is the "starting point" of the entire market's speculative craze, not only because it has grown in size, but also because it is "close to the White House." The "inevitable collapse" of the cryptocurrency bubble "could cause serious damage in ways we can't predict." It is worth mentioning that Elliott founder Paul Singer is a long-term Republican donor who donated $56 million to conservative candidates during the 2024 election cycle. (Jin Shi)