Trump's Cryptocurrency Ventures Leave Over 1 Million People in the Red

Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, has spoken out against President Donald Trump's cryptocurrency ventures. According to a Wall Street Journal report, more than one million people lost money on the Official Trump meme coin, which reached a market capitalization of nearly $15 billion in January 2025 before collapsing by 97%.

The report found that two-thirds of wallets that purchased the token are holding unrealized losses, with around 1.48 million wallets affected. Additionally, 85% of secondary-market buyers of World Liberty Financial’s token remain underwater.

Gerber has previously called Trump's earnings from his cryptocurrency projects a 'grift,' arguing that it has undermined confidence in Bitcoin and contributed to negative sentiment. Trump defended his billion-dollar cryptocurrency windfall, stating there was nothing 'illegal' or 'wrong' about it.

The controversy surrounding Trump's cryptocurrency ventures has sparked calls for stronger legislation to prevent politicians from profiting off cryptocurrency. Critics argue that this practice undermines public trust in the financial system and can have far-reaching consequences.