Renowned investor Ross Gerber on Wednesday attributed Bitcoin's Bitcoin (BTC) ongoing slump to President Donald Trump's profits from cryptocurrency businesses.

Gerber Comments On 'Grift'

Gerber reacted to Trump's disclosure that he earned over $1 billion in his first year as president through cryptocurrency ventures, which include World Liberty Financial and the Official Trump (CRYPTO: TRUMP) memecoin.

The CEO of Gerber Kawasaki Wealth and Investment Management said that the "grift is real," and the main reason why "Bitcoin went down and isn't going anywhere."

Gerber posted on X: "This is why Bitcoin went down and isn't going anywhere… the grift is real."

'The Most Corrupt President'

Minnesota Governor Tim Walz, one of the loudest critics of Trump's business activities and his family deals, called him the "most corrupt president in American history."

Walz posted on X: "The most corrupt president in American history."

The Big Uproar Over Trump's Crypto Gains

Trump's disclosures have created a stir, sparking allegations of conflicts of interest and misuse of his position.

The windfall included over $635 million in royalties collected from the TRUMP memecoin. Meanwhile, people who bought it have lost 97% of their money from the highest price.

A White House spokesperson told MarketDash that all actions by the Trump administration are taken in the "best interest of the American people," while rejecting any suggestions of "conflict of interest."

Sen. Elizabeth Warren (D-Mass.) pushed for stronger cryptocurrency legislation to prevent Trump and his family from profiting off cryptocurrency.

When asked to comment on his cryptocurrency riches, Trump said that the investments are handled by institutions with which he has no direct communication. He added that he has "a lot" of money, which he gives to institutions that then determine how it is allocated.

Price Action: At the time of writing, BTC was exchanging hands at $60,090.98, up 2.43% in the last 24 hours, according to market data.