Tesla bull Ross Gerber just took a sharp swing at Bitcoin (BTC). This comes at a time when "king crypto" has slipped below its $70,000 mark for the first time since April, while its rival, go
Tesla bull Ross Gerber just took a sharp swing at Bitcoin (BTC).
This comes at a time when "king crypto" has slipped below its $70,000 mark for the first time since April, while its rival, gold, continues to hold the fort in green.
Gerber is the co-founder and CEO of Gerber Kawasaki Wealth and Investment Management. He is a vocal Tesla shareholder and frequent critic of Elon Musk's management priorities.
Related: Tesla bull reveals major reason for crypto crash
Bitcoin cratered below $70,000 on June 2, for the first time since April 7. It was trading at $67,113 at press time, down more than 5% on the day, per Decibel.
Bitcoin crashes on June 2 Decibel
Gerber wrote on X,
"They've lost the narrative. People are tired of the rug pulls. Don't have that issue with gold. Gold is gold."
Bitcoin's June collapse follows Strategy's disclosure that it sold 32 BTC between May 26 and May 31 for roughly $2.5 million. This was the company's first Bitcoin sale since 2022.
While the amount is negligible against Strategy's 843,706 BTC stockpile, the symbolism cuts deep for a company that spent years turning "never sell" into a corporate identity.
Strategy shares were down over 9.4% during market hours at press time.
Over the past 24 hours, 194,035 traders were liquidated, totaling $1.20 billion, with Bitcoin alone accounting for $629 million of that, per CoinGlass.
Bitcoin ETF outflows have now stretched to 11 consecutive sessions dating back to May 15, with cumulative net outflows reaching $3.45 billion, according to SoSo Value data.
Spot Bitcoin ETF outflows since May 15 (Source: SoSo Value)Gold, meanwhile, was doing what Gerber suggested it does. Being gold.
The precious metal was up 0.5% at $4,502.08 at press time. While it has shed just over 1% over the past month, its six-month chart shows a 6.5% gain. This was a stark contrast to Bitcoin's 14% one-month decline and 24% six-month drop.
Related: Balancing bitcoin and gold is a powerful new strategy for portfolio diversification
