We've heard a lot of hot takes on cryptos from the old school bros of finance. But while Lloyd Blankfein is tickled with curiosity, Jamie Dimon is...'evolving(?)' and Warren Buffett is just bullshitting to flirt with Katy Perry, we all wondered what one legendary scrooge in particular had to say about the market that everyone pretends to understand.
And now we have it...
In a creative January missive that is equal parts critical about the hyperbole associated with cryptocurrencies and admiring of the manner in which they have captivated public imagination, Elliott Management described cryptocurrencies as “one of the most brilliant scams in history.”
Paul SInger hates cryptos, y'all. He even made up an acronym to convey his disgust with people dumb enough to buy them!
“FOMO (Fear of Missing Out) has solidly trumped WTHIT (What the Hell Is This??),” Elliot wrote to clients, as an explanation for the current crypto mania.
But like most opinions held by Paul Singer, the fault with cryptos lies not with the currencies themselves but the inherent flaws of stupid humans...
The hedge fund remarked in its epic crypto smackdown: “This is not just a bubble. It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars."
Tee hee. Man alive, no amount of DateCoin could ever make Paul Singer rethink his animosity towards the basic human brain...
“But is it not glorious that when the equivalent of nothing attracts priests and parishioners who run up the price, the very willingness of the mob to buy it at higher and higher prices is seen as a validation of the thing, rather than an indication of the limitless ignorance of swaths of the human race?” Elliot Management wrote.
Don't nobody troll like Paul Singer trolls.