The Trump administration’s embrace of cryptocurrencies is helping fuel a speculative mania that could cause “havoc” when prices collapse, the hedge fund Elliott Management has warned. The $70bn-in-assets firm took aim at the US government’s apparent enthusiasm for assets that have soared in price but have “no substance”,

The legendary activist investors warned that crypto is leading a market frenzy that has investors “acting like a crowd of sports bettors” by flocking to entirely speculative assets.