埃利奧特管理層警告

這筆700億美元對沖基金的信與華盛頓對加密貨幣的擁抱相反，警告了潛在的市場穩定後果以及美元的統治地位。

A letter from Elliott Management, obtained by the Financial Times, expresses concern over the Trump administration's embrace of cryptocurrencies, speculating that the government's actions may be inflating a speculative bubble.

《金融時報》獲得的埃利奧特管理層的一封信表達了對特朗普政府對加密貨幣的擁抱的關注，猜測政府的行動可能正在膨脹投機性泡沫。

The hedge fund, which manages $70 billion in assets, highlights the risks posed by crypto to market stability and the dominance of the US dollar.

對沖基金管理700億美元的資產，強調了加密貨幣對市場穩定性和美元統治地位帶來的風險。

According to the letter, the current market landscape is unprecedented, with investors behaving like "a crowd of sports bettors." This behavior is evident in the AI investing frenzy and elevated stock valuations.

根據這封信，當前的市場格局是前所未有的，投資者的行為就像是“一群體育投注者”。這種行為在AI投資瘋狂和股票估值提高的情況下很明顯。

Cryptocurrencies are at the heart of this risk-on surge, with speculators being encouraged by the crypto industry's deepening relationship with the White House, the letter states.

信件指出，加密貨幣是這種風險激增的核心，而加密貨幣行業與白宮的加深關係鼓勵了投機者。

Since Trump's inauguration, the president has appointed industry-friendly regulators and signed an executive order promoting digital assets.

自從特朗普就職以來，總統已任命對行業友好的監管機構，並簽署了一項行政命令，以促進數字資產。

Trump's campaign promises hint at further support for crypto, and investors are anticipating these policies to be enacted this year. Bitcoin has surged 38% since Election Day, while some altcoins have experienced even greater gains.

特朗普的競選承諾暗示了對加密貨幣的進一步支持，投資者預計今年將製定這些政策。自選舉日以來，比特幣飆升了38％，而一些山寨幣的收益更大。

Despite the soaring values, these assets have "no substance," according to Elliott. The hedge fund anticipates the sector's "inevitable collapse," which "could wreak havoc in ways we cannot yet anticipate."

埃利奧特（Elliott）表示，儘管價值飆升，但這些資產沒有實質性。對沖基金會預測該行業的“不可避免的崩潰”，“這可能會以我們無法預料的方式造成嚴重破壞”。

The letter also emphasizes the greenback's role as a global reserve currency and questions the logic of Washington turning to alternative reserve assets, especially considering that other countries are already attempting to diversify away from the dollar.

這封信還強調了綠色的作用是全球儲備貨幣，並質疑華盛頓轉向替代儲備資產的邏輯，尤其是考慮到其他國家已經試圖從美元中多樣化。

This effectively serves as a rejection of the national bitcoin reserve, a policy proposal that would have the government purchase and hold the flagship token as a hedge against inflation.

這實際上是對國家比特幣保護區的拒絕，這項政策提案將使政府購買並將旗艦令牌作為對沖通貨膨脹的對沖。

When contacted by Business Insider, Elliott Management declined to comment.

當由業務內部人士聯繫時，埃利奧特管理層拒絕發表評論。

The fund's founder, Paul Singer, has consistently expressed skepticism toward crypto over the years. In 2018, he described the assets as "one of the most brilliant scams in history."

該基金的創始人保羅·辛格（Paul Singer）多年來一直對加密貨幣表示懷疑。在2018年，他將資產描述為“歷史上最傑出的騙局之一”。

The firm's outlook contrasts sharply with Wall Street's growing enthusiasm for digital assets. While some, like billionaire investor David Einhorn, also view the crypto rally with skepticism, institutional demand for digital assets is increasing rapidly.

該公司的前景與華爾街對數字資產的越來越熱情形成鮮明對比。雖然有些人，例如億萬富翁投資者戴維·埃因霍恩（David Einhorn），也認為對加密集會表示懷疑，但對數字資產的機構需求正在迅速增加。

According to Standard Chartered, this demand could propel bitcoin to $200,000 by year-end. Other altcoins are also expected to benefit, particularly if Trump's policies unleash a meme coin bull run.

根據《標準特許》的說法，這種需求可能會使比特幣在年底時提高到200,000美元。預計其他AltCoins也將受益，特別是如果特朗普的政策釋放了模因硬幣牛的運行。