One of the world’s largest hedge funds Elliott Management, founded by billionaire Paul Singer in 1977, dedicated three pages to describing its negative view of cryptocurrencies in a fourth-quarter letter to clients, calling cryptocurrencies “one of the most brilliant scams in history,” Business Insider reported Feb. 20.
In the letter dated Jan. 26, Elliott claims that people encountering cryptocurrency have switched from sense of “WTHIT (What the hell is this?)” to a stable FOMO (fear of missing out). Elliott likens cryptocurrency investors to buyers of a “black box” that will, according to the firm, turn out to be empty. More….