Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, said the recent slump in Bitcoin (CRYPTO: BTC), as the broader crypto market struggles a year into Donald Trump‘s presidency, may be driven by the rapid rise of speculative meme coins.
In an interview with Business Insider, published on Thursday, Gerber suggested that the introduction and subsequent popularity of Official Trump (CRYPTO: TRUMP) and the First Lady-themed Official Melania (CRYPTO: MELANIA) meme coins have made investors cautious of digital assets. He argues that these meme coins, often backed or introduced by celebrities, result in ordinary investors losing money while the celebrity promoters profit.
He said that investors often jump into such tokens believing the hype, only to get burned, adding that the “money doesn’t come back,” and is effectively “stolen” from them.
He also pointed to other celebrity-backed cryptocurrencies, including a token launched by former New York City mayor Eric Adams and the $HAWK coin introduced by internet personality Haliey Welch, as additional examples of meme coins that …