One year into Donald Trump’s presidency, bitcoin is worth less than it was before he was elected, and the entire market is in the throes of a crypto winter. According to famed investor Ross Gerber, blame the meme coin ecosystem for the broader decline.

The CEO of Gerber Kawasaki Wealth & Investment Management thinks the launch of the Trump and Melania coins around the time of the inauguration, followed by a subsequent boom in meme tokens, has left investors fatigued and wary of digital assets.

In his view, meme coins either endorsed or launched by celebrities are either rug pulls or end up looking like one. In either case, normal investors are left holding the bag while celebrity boosters get rich.

He…