Hedge fund Elliott Management recently sent a letter to investors warning them away from crypto. It urged clients to remember that crypto is a speculative market, suggested that the White House has caused a massive bubble to form, and predicted that a huge crash is coming.

Elliott Management wrote that White House policy is fueling a speculative crypto bubble that will eventually "wreak havoc."

Elliott’s criticism of the White House’s stance on crypto comes despite the fact that the firm’s founder, Paul Singer, is a longtime Republican donor who donated $56mn to conservative candidates in the 2024 election cycle, according to website OpenSecrets.