埃利奥特管理层警告

这笔700亿美元对冲基金的信与华盛顿对加密货币的拥抱相反，警告了潜在的市场稳定后果以及美元的统治地位。

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.

《金融时报》获得的埃利奥特管理层的一封信表达了对特朗普政府对加密货币的拥抱的关注，猜测政府的行动可能正在膨胀投机性泡沫。

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.

对冲基金管理700亿美元的资产，强调了加密货币对市场稳定性和美元统治地位带来的风险。

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.

根据这封信，当前的市场格局是前所未有的，投资者的行为就像是“一群体育投注者”。这种行为在AI投资疯狂和股票估值提高的情况下很明显。

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，加密货币是这种风险激增的核心，而加密货币行业与白宫的加深关系鼓励了投机者。

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

自从特朗普就职以来，总统已任命对行业友好的监管机构，并签署了一项行政命令，以促进数字资产。

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.

特朗普的竞选承诺暗示了对加密货币的进一步支持，投资者预计今年将制定这些政策。自选举日以来，比特币飙升了38％，而一些山寨币的收益更大。

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."

埃利奥特（Elliott）表示，尽管价值飙升，但这些资产没有实质性。对冲基金会预测该行业的“不可避免的崩溃”，“这可能会以我们无法预料的方式造成严重破坏”。

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.

这封信还强调了绿色的作用是全球储备货币，并质疑华盛顿转向替代储备资产的逻辑，尤其是考虑到其他国家已经试图从美元中多样化。

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.

这实际上是对国家比特币保护区的拒绝，这项政策提案将使政府购买并将旗舰令牌作为对冲通货膨胀的对冲。

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

当由业务内部人士联系时，埃利奥特管理层拒绝发表评论。

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."

该基金的创始人保罗·辛格（Paul Singer）多年来一直对加密货币表示怀疑。在2018年，他将资产描述为“历史上最杰出的骗局之一”。

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.

该公司的前景与华尔街对数字资产的越来越热情形成鲜明对比。虽然有些人，例如亿万富翁投资者戴维·埃因霍恩（David Einhorn），也认为对加密集会表示怀疑，但对数字资产的机构需求正在迅速增加。

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.

根据《标准特许》的说法，这种需求可能会使比特币在年底时提高到200,000美元。预计其他AltCoins也将受益，特别是如果特朗普的政策释放了模因硬币牛的运行。