"Trump Administration Fuels Cryptocurrency Speculation Frenzy... Could Lead to Chaos"
Summary
- Elliott Management criticized the Trump administration for fueling cryptocurrency speculation.
- They warned that the collapse of the cryptocurrency bubble could bring unpredictable chaos to the market.
- They stated that the adoption of Bitcoin reserve policies could weaken the dollar's position as the reserve currency.
There is a warning that the Donald Trump administration, which is showing a friendly stance towards the cryptocurrency industry, is fueling a speculation frenzy that could lead to chaos.
According to the Financial Times on the 30th (local time), the hedge fund 'Elliott Management' criticized in a letter to investors, saying, "The U.S. government is enthusiastic about assets with no substance."
It also stated, "Cryptocurrency is the epicenter of the speculation frenzy occurring across the market," and "the collapse of the cryptocurrency bubble is inevitable. Unpredictable chaos may ensue."
Negative opinions were also expressed regarding the adoption of Bitcoin reserve policies. It is difficult to understand why the adoption of alternative currencies is encouraged when the dollar already enjoys tremendous advantages as the world's reserve currency. Elliott Management stated, "Supporting the adoption of alternative currencies is 'very dangerous.'"
Doohyun Hwang
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