Greenlight Capital founder: digital asset is approaching dangerous speculative levels, and has established short positions on MicroStrategy's related leveraged ETFs

PANews 23rd January, David Einhorn, the founder of Greenlight Capital, expressed doubts about the speculation in the encryption market in his latest letter to investors, stating that digital assets are approaching dangerous speculative levels. He pointed out that the market has entered the ‘shitcoin’ phase and criticized the speculative pump of Meme coins. Shitcoins have risen by nearly 60% this year, but Einhorn believes that their utility is limited, relying solely on trading and speculative support. In addition, Eindhoven has issued a warning about the recent hype around Trump Coin and other Meme Coins, suggesting that the market may become even more crazy in the future. He also questioned the feasibility of the US government buying Bitcoin as a strategic reserve, calling it a “suspicious” use of taxpayer funds. Greenlight Capital has established short positions on MicroStrategy’s related leveraged ETFs. Einhorn believes these products are destined to fail due to their high volatility and maintenance costs. He also criticizes the market’s bullish predictions and speculative behavior towards Bitcoin, aligning with other heavyweight figures on Wall Street in questioning the actual value of digital assets.