Eric Trump Claims Major Banks Resist Crypto Legislation to Maintain Monopoly
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6h ago
0mins
Source: Benzinga
- Monopoly in Finance: Eric Trump claims that major U.S. banks have maintained a monopoly over the financial system for years, intentionally leveraging inefficiencies in traditional finance to resist cryptocurrency legislation and protect their multi-billion dollar interests.
- Legislation Delay Impact: The Senate Banking Committee has postponed the crypto market structure bill to late February or March, following Coinbase's withdrawal of support due to disagreements with the banking sector, which may further erode market confidence.
- Failed Market Predictions: Trump had predicted an 'unbelievable' rally in cryptocurrency markets by Q4 2025, yet Bitcoin has dropped 19.8% since then, highlighting the uncertainty surrounding future market trends.
- Poor ETF Performance: The iShares Bitcoin Trust ETF closed at $50.67 per share on Thursday, down 0.86%, and shows unfavorable price trends across short, medium, and long-term metrics, reflecting a cautious market sentiment towards crypto assets.
Analyst Views on ABTC
Wall Street analysts forecast ABTC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ABTC is 4.00 USD with a low forecast of 4.00 USD and a high forecast of 4.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.570
Low
4.00
Averages
4.00
High
4.00
Current: 1.570
Low
4.00
Averages
4.00
High
4.00
About ABTC
American Bitcoin Corp., formerly Gryphon Digital Mining, Inc., is a Bitcoin accumulation company. The Company's operations include bitcoin mining sites, bitcoin mining pools, and protection of bitcoin assets. The Company operates Bitcoin Miners at four sites under Master Colocation Services Agreement (MCSA): Alpha (Niagara Falls, NY); Salt Creek (Orla, TX); Medicine Hat (Medicine Hat, AB), and Vega (Texas Panhandle). It receives Bitcoin mining rewards from its mining activity through third-party mining pool operators, Foundry and Luxor. Mining pools allow Bitcoin miners to combine their processing power, increasing their chances of solving a block and getting paid by the network. It provides computing power to mining pools, which use this computing power to operate nodes and validate blocks on the blockchain. It uses third-party custody solutions, including Coinbase Custody and Anchorage Digital Bank N.A., to safeguard its Bitcoin, mainly in cold storage wallets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
