Bitcoin Cycle Killed by Grifters, Tesla Investor Gerber Says

Cover image via youtu.be Read U.TODAY on Google News The 'grifter' cycle theory A buying opportunity for 'adults' Advertisement Ross Gerber, the CEO of Gerber Kawasaki Wealth and Investment Management, has pinned the blame for the recent market crash on internal "grift" that has poisoned the cycle. Gerber has argued that the Bitcoin downturn was inevitable due to a flood of speculative "scam" projects that siphoned capital away from quality assets, burning retail investors and killing the market's momentum. The 'grifter' cycle theory According to Gerber, the mechanics of this crash are rooted in a recurring pattern seen in every positive Bitcoin cycle. As the price of the market leader rises, it attracts bad actors looking to capitalize on the hype. HOT Stories XRP Defies Market Bearishness with $45M in Weekly ETF Inflows Ripple Invited to White House, Peter Brandt Calls Out Bitcoin Manipulation, Musk Endorses Dogecoin, Vitalik Buterin Dumps Ethereum — Top Weekly Crypto News "The crooks come in with scam/shit coins and burn everyone," Gerber wrote. Advertisement He argues that the explosion of low-utility, high-hype tokens acted as a parasite on the ecosystem. You Might Also Like Tue, 11/12/2024 - 10:17 Tesla Bitcoin Holdings Reclaim $1 Billion Threshold By Godfrey Benjamin Instead of capital flowing into Bitcoin and staying there, it was diverted into these speculative avenues. Advertisement There were "no new catalysts" to drive the market higher when these eventually collapsed. "Now there is no new catalysts. Just bag holders," Gerber noted. "Selling begets more selling due to leveraged idiots." A buying opportunity for 'adults' Despite the harsh critique of the market's "crooks," Gerber remains a confirmed Bitcoin bull. His firm, Gerber Kawasaki, holds Bitcoin alongside its top equity positions, such as Nvidia (NVDA), viewing it as a legitimate asset class distinct from the "crypto casino." #Bitcoin News