- Eric Trump says JPMorgan Chase and Bank of America closed accounts, viewing the actions as politically motivated moves.
- American Bitcoin uses mining to obtain BTC at a lower cost, retaining mined coins rather than selling immediately.
Eric Trump, recently stated that several large banks ended their business relationships with his family’s company. He identified JPMorgan Chase and Bank of America as two of the institutions involved.
Trump made these comments during an interview, where he described the account closures as politically motivated. This experience, he said, was a direct reason for his new involvement in the cryptocurrency sector.
He characterized the banking decisions as a use of financial systems to target specific people. This outlook led him to establish a company named American Bitcoin. The firm has a straightforward objective: it acquires and holds Bitcoin. Trump stated that the conventional banking system contains operational flaws and can be manipulated.
Michael Ho, the chief executive of American Bitcoin, joined Trump in describing the company’s approach. He explained that the firm acts as a “Bitcoin accumulator.” One method it uses is Bitcoin mining to acquire new coins at a cost beneath the market price. This practice is consistent with a wider pattern where mining companies keep the Bitcoin they produce rather than selling it.
Trump also related his backing of Bitcoin to his professional history in real estate. He described Bitcoin as a practical counterbalance to assets that are not easily sold, such as property. He contrasted the slow process of selling a commercial building with the faster process of selling Bitcoin.
This topic connects to a wider movement of converting physical assets into digital tokens on blockchains. According to data from Dune, the combined worth of these tokenized real-world assets on one blockchain has exceeded $1.1 billion. This includes actions by foreign companies, like a Chinese real estate developer that issued debt-based tokens.
Bitcoin (BTC) is trading at $117,521, up 0.90% in the last 24 hours. BTC has risen 3% over the past week, almost flat over the month, and is still showing a strong 94.65% yearly gain. Its market capitalization currently stands at $2.34 trillion, with $64 billion in daily trading volume.
Bitcoin price action is consolidating above major technical supports, holding firm above the 50-day EMA at $114,300 and the 100-day EMA at $113,800. Analysts highlight that a daily close above $118,000 could unlock a bullish run toward $120,000, while losing the $114K–113K zone could expose BTC to a deeper correction.
The macro backdrop remains a key driver. Bitcoin surged recently after the Federal Reserve’s first 2025 rate cut of 25 basis points, which triggered $642 million in inflows into Bitcoin and Ethereum ETFs.
Institutional demand continues to absorb retail selling, reinforcing the supply squeeze narrative. Meanwhile, political support for Bitcoin has grown: back in March 2025, President Trump announced a Strategic Bitcoin Reserve, backed by 200,000 BTC, marking the first time a U.S. administration openly endorsed Bitcoin as a strategic asset.
Overall sentiment remains bullish, with chartists pointing to ascending triangle and bullish flag formations, both of which typically precede breakouts. Market chatter suggests traders are bracing for a test of $118K–$120K resistance, with the all-time high of $124,517 still in sight.
