JPMorgan Says the Real Threat to Bitcoin Isn’t Strategy (MSTR) — It’s Private Blockchains
JPMorgan analysts argue that institutional adoption of private blockchains—not Strategy's bitcoin sales—poses the real structural threat to Bitcoin. Banks prefer permissioned networks offering regulatory certainty and privacy controls. If tokenization, payments, and settlement migrate to private infrastructure rather than public chains like Ethereum, crypto could face thinner liquidity and weaker capital flows, ultimately impacting Bitcoin's ecosystem fundamentals.
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