American Bitcoin doubled down on a pure mining-and-hoarding strategy just as virtually every major rival fled to artificial intelligence, a bet championed by co-founder Eric Trump that looked prescient when Bitcoin was surging past $126,000 and increasingly precarious with the token trading around $70,000. “With Bitcoin steeply drawn down from the highs, the retention strategy can amplify losses,” said Matthew Kimmell, a digital asset analyst at CoinShares. The downturn puts American Bitcoin at the sharp end of a broader pullback across the Trump family’s crypto interests.