The veteran investor Ross Gerber warned individual investors this Monday not to invest their money in cryptocurrencies other than Bitcoin (CRYPTO:BTC) due to a possible increase in fraud and reduced government oversight.
What happened
During an interview with Reuters, Gerber, CEO of Gerber Kawasaki Wealth and Investment Managementargued that the appointment of individuals with sympathies for cryptocurrencies in the next administration of donald trump will not protect retail investors from fraud that may arise during a bull market.
“We’ve already seen fraud in the United States with certain currencies, and it’s like the minute Bitcoin starts doing well, criminals and fraud start taking advantage of people,” Gerber stated.
He added that less regulation does not help retail investors, and that they have to be “very, very smart” with their investment decisions.
Gerber also mentioned that his company has invested in Bitcoin for the last decade and that the currency has not disappointed them yet.
“I would recommend saying that I wouldn’t invest in anything other than Bitcoin,” he advised.
According to the latest 13F filing with the US Securities and Exchange Commission (SEC), Gerber Kawasaki owns 31,588 shares of iShares Bitcoin Trust ETF (NASDAQ:IBIT), with an estimated market value of $1.56 million.
Why is it important
Gerber’s remarks came amid signs of a changing landscape of US Cryptocurrency policy under the Trump administration.
The president-elect last week named the renowned venture capitalist David Sacks as the first “White House AI and cryptocurrency czar,” following the election of Paul Atkins as the next chairman of the SEC.
Previously, Gerber had warned her X followers to stay away from “worthless coins” and spoke about the viral influencer’s release of a meme coin Haliey Welchalso known as “Hawk Tuah Girl.”
This hawk stuff is unbelievable. Every time bitcoin goes up. The crooks come out. Please stay away from s-it coins!
— Ross Gerber (@GerberKawasaki) December 5, 2024
Bitcoin price movement
At the time of writing, Bitcoin was trading at $97,224.27, down 2.27% over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Wendy Davis
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