JPMorgan · Strategy · Bitcoin · Ethereum · Tokenization · Bitcoin Magazine
JPMorgan Confirms the Real Threat to Bitcoin Isn’t Strategy (MSTR), It’s Private Blockchains
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JPMorgan says Strategy's Bitcoin sales are a short-term concern, but the bigger long-term risk is that banks and institutions adopt private blockchains over public networks, reducing activity and capital flows across the broader crypto ecosystem.
Key facts
- The company sold 3,588 bitcoin for $216 million in early July to cover preferred dividends, its largest disposal on record, and such sales can add bursts of selling pressure
- In a report led by managing director Nikolaos Panigirtzoglou and reported by The Block, the bank argued that Strategy is not the main structural threat to the asset
- SWIFT’s blockchain project and central bank digital currency efforts such as the digital euro and digital yuan would reinforce that regulated lane
- Institutions have leaned toward permissioned blockchains, which offer privacy, know-your-customer and anti-money-laundering controls, governance, throughput, legal accountability and regulatory
Summary
Strategy’s recent bitcoin sales and its formal monetization program have rattled investors, but JPMorgan analysts see a bigger danger to bitcoin: blockchain adoption that routes around public networks and the tokens that ride on them. In a report led by managing director Nikolaos Panigirtzoglou and reported by The Block, the bank argued that Strategy is not the main structural threat to the asset. The company sold 3,588 bitcoin for $216 million in early July to cover preferred dividends, its largest disposal on record, and such sales can add bursts of selling pressure.