Tesla

Bitcoin

when

Elon Musk

Tesla bull Ross Gerber just took a sharp swing at <a rel="noopener noreferrer nofollow">Bitcoin</a> (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.&nbsp;
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.
<a href="https://www.thestreet.com/crypto/markets/tesla-bull-reveals-major-reason-for-crypto-crash" rel="noopener noreferrer nofollow">Related: Tesla bull reveals major reason for crypto crash</a>
<h2 id="gold-holds-its-ground-as-bitcoin-bleeds">Gold holds its ground as bitcoin bleeds</h2>
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.
<figure><a href="https://app.decibel.trade/trade/BTC-USD" rel="noopener noreferrer nofollow"><img src="https://www.thestreet.com/.image/c_fit%2Ch_675%2Cw_1200/MjIzODAyNjQxNzI4MTUzNTY0/screenshot-2026-06-02-at-90607pm.png" height="670" width="1200"></a>
 <figcaption>
 Bitcoin crashes on June 2&nbsp; 
 Decibel
 </figcaption>
</figure>
Gerber <a href="https://x.com/GerberKawasaki/status/2061796268431831492?s=20" rel="noopener noreferrer nofollow">wrote</a> on X,
<blockquote>
 "They've lost the narrative.&nbsp;People are tired of the rug pulls. Don't have that issue with gold. Gold is gold."
</blockquote>
Bitcoin's June collapse follows Strategy's disclosure that it <a href="https://www.thestreet.com/crypto/markets/michael-saylor-breaks-his-most-famous-promise" rel="noopener noreferrer nofollow">sold 32 BTC</a> between May 26 and May 31 for roughly $2.5 million. This was the company's first Bitcoin sale since 2022.&nbsp;
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.&nbsp;
Strategy shares were down over 9.4% during market hours at press time.
<h3 id="popular-on-thestreet-roundtable">Popular on TheStreet Roundtable:</h3>
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Over the past 24 hours, 194,035 traders were liquidated, totaling $1.20 billion, with Bitcoin alone accounting for $629 million of that, per <a href="https://www.coinglass.com/liquidations" rel="noopener noreferrer nofollow">CoinGlass</a>.&nbsp;
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.
<figure><a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow"></a>
 <figcaption>
 Spot Bitcoin ETF outflows since May 15 (Source: SoSo Value)
 </figcaption>
</figure>
Gold, meanwhile, was doing what Gerber suggested it does. Being gold.&nbsp;
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.
<a href="https://www.thestreet.com/crypto/innovation/balancing-bitcoin-and-gold-is-a-powerful-new-strategy-for-portfolio-diversification" rel="noopener noreferrer nofollow">Related: Balancing bitcoin and gold is a powerful new strategy for portfolio diversification</a>

Tesla bull drops blunt take on gold rival

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