Ross Gerber Has A Word Of Advice For Individual Investors: Don’t Buy Any Crypto Other Than Bitcoin
By Benzinga
Veteran investor Ross Gerber warned individual investors on Monday against putting their money in cryptocurrencies other than Bitcoin (CRYPTO: BTC) owing to a probable surge in fraud and lesser government oversight.
What happened: During an interview with Reuters, Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, argued that the appointment of cryptocurrency-friendly individuals in the incoming Donald Trump administration won’t safeguard retail investors from scams that may arise during a bull market.
“We’ve already seen frauds in the United States with certain coins already, and it’s like the minute Bitcoin starts to do well, the criminals and the fraud start taking advantage of people,” Gerber stated.
He added that less regulation doesn’t help individual investors, and they have to be “very very smart” with their investment decisions.
Gerber also mentioned that his firm has been investing in Bitcoin for the past decade and that it has yet to disappoint them.
“I would recommend to say I would not go into anything other than Bitcoin,” he advised.
As per the latest 13F filing with the SEC, Gerber Kawasaki holds 31,588 shares of iShares Bitcoin Trust ETF (NASDAQ:IBIT), with an estimated market value of $1.56 million.
Why It Matters: Gerber’s remarks came amid signs of a shifting cryptocurrency policy landscape in the U.S. under Trump.
He appointed renowned venture capitalist David Sacks as the first ever “White House A.I. & Crypto Czar” last week, following the selection of pro-cryptocurrency Paul Atkins as the next SEC Chair.
Earlier, Gerber had warned his followers on X to stay away from “sh*t coins” and touched on the launch of a meme coin by viral influencer Haliey Welch, also called the “Hawk Tuah Girl.”
Price Action: As of this writing, Bitcoin was trading at $96,559.01, down 2.88% in the last 24 hours, according to data from Benzinga Pro.
Photo by Wendy Davis
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