Wall Street Mogul "Bitcoin (BTC) Slump Due to Trump's 'Scam'"...Crypto Profit Sniper

▲ Trump Coin (TRUMP), World Liberty Financial (WLFI)/AI-generated image

The controversy surrounding the Trump family's cryptocurrency profits has once again surfaced as a cause for Bitcoin (BTC)'s sluggish performance. Ross Gerber, a renowned investor, directly criticized that Donald Trump's cryptocurrency business profits have eroded investor confidence and are hindering Bitcoin's rebound.

According to the crypto media outlet Benzinga on July 2 (local time), Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, criticized the disclosure of Trump's cryptocurrency business profits, stating, “The scam is real.” He argued that this controversy is “the main reason why Bitcoin is going down and not going anywhere.”

The point Gerber took issue with was the disclosure that Trump earned over $1 billion from his cryptocurrency business in his first year as president. Benzinga reported that this business includes World Liberty Financial and the Official Trump (TRUMP) memecoin. Royalty income related to Trump memecoin alone was reported to exceed $635 million.

Investor losses are also at the heart of the controversy. Benzinga reported that investors who bought Trump memecoins at their peak saw a 97% loss. Gerber believes that the combination of Trump's cryptocurrency profits and individual investor losses has weakened market confidence, and this impact is suppressing Bitcoin's investment sentiment.

Criticism from the political sphere is also intensifying. Tim Walz, Governor of Minnesota, criticized Trump's business activities and family dealings, calling him “the most corrupt president in American history.” Senator Elizabeth Warren also argued for stronger cryptocurrency legislation to prevent Trump and his family from profiting from cryptocurrencies.

The White House denied allegations of conflict of interest. A White House spokesperson stated that all actions by the Trump administration are “in the best interest of the American people.” When questioned about cryptocurrency profits, Trump explained that investment funds are managed by institutions with which he does not directly communicate. He stated that he has “a lot of money” and that when he entrusts these funds to institutions, they decide on the allocation.

Despite the controversy, Bitcoin showed a short-term rebound. According to Benzinga Pro data, at the time of writing, Bitcoin was trading at $60,090.98, up 2.43% over 24 hours. However, Gerber's remarks focus more on political trust risks than price rebound. As the controversy over Trump's cryptocurrency profits, individual investor losses, and regulatory legislative battles intensify simultaneously, the cryptocurrency market faces a greater challenge of restoring trust rather than just price.

[Article Key Summary]

-Ross Gerber claimed that Trump's cryptocurrency profits exceeding $1 billion are the main reason for Bitcoin's sluggish performance.

-Trump memecoin royalty income exceeded $635 million, and investors who bought at the peak reportedly lost 97%.

-The White House denied allegations of conflict of interest, but Warren called for stronger legislation to prevent the Trump family from profiting from cryptocurrencies.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*