JPMorgan Clarifies MicroStrategy's $13.7B Bitcoin Holdings Not Main Threat to BTC

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According to JPMorgan analysts in an exclusive interview with TheBlock, the bank said MicroStrategy (NASDAQ: MSTR) does not pose a primary structural risk to Bitcoin. Strategy has acquired approximately $13.7 billion of Bitcoin this year, representing about 70% of JPMorgan's estimated total net digital asset inflows. However, JPMorgan identified a more significant long-term threat: institutional adoption favoring permissioned blockchains that bypass public, permissionless networks. Banks are increasingly building alternatives through tokenized deposits, SWIFT blockchain pilots, and central bank digital currency projects, which could reduce demand for public networks and stablecoins, potentially triggering a "structural de-rating" for Bitcoin over time.
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