{"id":49450,"date":"2026-07-09T20:33:56","date_gmt":"2026-07-09T20:33:56","guid":{"rendered":"https:\/\/cryptd.in\/jpmorgan-says-the-real-threat-to-bitcoin-isnt-strategy-mstr-its-private-blockchains\/"},"modified":"2026-07-09T20:33:56","modified_gmt":"2026-07-09T20:33:56","slug":"jpmorgan-says-the-real-threat-to-bitcoin-isnt-strategy-mstr-its-private-blockchains","status":"publish","type":"post","link":"https:\/\/cryptd.in\/pt\/jpmorgan-says-the-real-threat-to-bitcoin-isnt-strategy-mstr-its-private-blockchains\/","title":{"rendered":"JPMorgan Says the Real Threat to Bitcoin Isn\u2019t Strategy (MSTR) \u2014 It\u2019s Private Blockchains"},"content":{"rendered":"<p><a rel=\"nofollow\" href=\"https:\/\/bitcoinmagazine.com\/\">Bitcoin Magazine<\/a><br \/>\n<img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2026\/07\/JPMorgan-Says-the-Real-Threat-to-Bitcoin-Isnt-Strategy-MSTR-%E2%80%94-Its-Private-Blockchains.jpg\" \/><br \/>\n<a rel=\"nofollow\" href=\"https:\/\/bitcoinmagazine.com\/news\/jpmorgan-says-the-real-threat-to-bitcoin\">JPMorgan Says the Real Threat to Bitcoin Isn\u2019t Strategy (MSTR) \u2014 It\u2019s Private Blockchains<\/a><\/p>\n<div><\/div>\n<p class=\"wp-block-paragraph\">Strategy\u2019s 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.<\/p>\n<p class=\"wp-block-paragraph\">In a report led by managing director Nikolaos Panigirtzoglou and <a href=\"https:\/\/www.theblock.co\/post\/407776\/jpmorgan-bitcoin-risk-strategy-blockchain-tokens-crypto\" target=\"_blank\" rel=\"noopener\">reported<\/a> por <em>The Block,<\/em> the bank argued that Strategy is not the main structural threat to the asset.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">The company <a href=\"https:\/\/bitcoinmagazine.com\/news\/strategy-mstr-sells-3588-bitcoin\">sold 3,588 bitcoin for $216 million<\/a> in early July to cover preferred dividends, its largest disposal on record, and such sales can add bursts of selling pressure. The deeper concern, the analysts said, is <em>where<\/em> <a href=\"https:\/\/bitcoinmagazine.com\/tags\/tokenization\">tokenization<\/a>, payments and settlement end up.<\/p>\n<p class=\"wp-block-paragraph\">Should that activity settle on permissioned rails rather than public chains, the crypto ecosystem could face a structural de-rating \u2014 thinner liquidity, weaker capital flows and slower on-chain volume \u2014 a drag that would reach bitcoin in time.<\/p>\n<p class=\"wp-block-paragraph\">Institutions have leaned toward permissioned blockchains, which offer privacy, know-your-customer and anti-money-laundering controls, governance, throughput, legal accountability and regulatory certainty.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">That preference, per JPMorgan, creates a competitive problem for public networks like Ethereum.<\/p>\n<p class=\"wp-block-paragraph\">The analysts cited the Bank for International Settlements, which has warned against public permissionless chains for systemic financial infrastructure and has pushed instead for \u201cunified ledgers\u201d that hold tokenized central bank money, bank deposits and assets inside regulated walls.<\/p>\n<h2 class=\"wp-block-heading\">Tokenization as a real-world use case<\/h2>\n<p class=\"wp-block-paragraph\">Banks are building to that spec. Tokenized deposits \u2014 digital claims on bank balances, backed by banking regulation and deposit insurance \u2014 stand out as the clearest case. Should such deposits spread in the non-transferable forms regulators favor, they could crowd out stablecoins in institutional payments.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">SWIFT\u2019s blockchain project and central bank digital currency efforts such as the digital euro and digital yuan would reinforce that regulated lane.<\/p>\n<p class=\"wp-block-paragraph\">Real-world asset tokenization tells a similar story. The market sits near $50 billion, much of it on Ethereum for now, though the analysts read that as early experimentation rather than a settled structure.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">As adoption matures, issuance, custody and settlement could migrate to private infrastructure, leaving public chains for distribution and interoperability. DTCC and Securitize show the pattern in motion, and the analysts questioned whether public settlement is even the most efficient model for regulated firms, given the capital savings of deferred, netted settlement.<\/p>\n<h2 class=\"wp-block-heading\">What could prove JPMorgan wrong<\/h2>\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/bitcoinmagazine.com\/news\/jpmorgan-backs-u-s-crypto-bill\">The Clarity Act<\/a>, even should it pass this year, might not lift the threat; it could embolden bank-issued deposit tokens at the expense of public stablecoins.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">The analysts flagged three ways their thesis breaks: a hybrid model where both chain types matter, stronger stablecoin adoption under friendly rules, or bitcoin holding its role as <a href=\"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-as-digital-gold\">\u201cdigital gold\u201d<\/a> and a debasement hedge whatever happens across the rest of crypto.<\/p>\n<p>This post <a rel=\"nofollow\" href=\"https:\/\/bitcoinmagazine.com\/news\/jpmorgan-says-the-real-threat-to-bitcoin\">JPMorgan Says the Real Threat to Bitcoin Isn\u2019t Strategy (MSTR) \u2014 It\u2019s Private Blockchains<\/a> first appeared on <a rel=\"nofollow\" href=\"https:\/\/bitcoinmagazine.com\/\">Bitcoin Magazine<\/a> and is written by <a rel=\"nofollow\" href=\"https:\/\/bitcoinmagazine.com\/authors\/micahzimmerman\">Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Bitcoin Magazine JPMorgan Says the Real Threat to Bitcoin Isn\u2019t Strategy (MSTR) \u2014 It\u2019s Private Blockchains Strategy\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":49452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-49450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>JPMorgan Says the Real Threat to Bitcoin Isn\u2019t Strategy (MSTR) \u2014 It\u2019s Private Blockchains - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/pt\/jpmorgan-says-the-real-threat-to-bitcoin-isnt-strategy-mstr-its-private-blockchains\/\" \/>\n<meta property=\"og:locale\" content=\"pt_PT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan Says the Real Threat to Bitcoin Isn\u2019t Strategy (MSTR) \u2014 It\u2019s Private Blockchains - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Bitcoin Magazine JPMorgan Says the Real Threat to Bitcoin Isn\u2019t Strategy (MSTR) \u2014 It\u2019s Private Blockchains Strategy\u2019s 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. 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