On Sunday, November 23, the American multinational investment bank JP Morgan was met with increased hostility from the Bitcoin community and supporters of the BTC treasury firm Strategy.
A “boycott” of the financial services holding firm was necessary as a result of their dissatisfaction.
Backlash for JP Morgan
This criticism came when it was revealed that Morgan Stanley Capital International, or MSCI, plans to remove cryptocurrency treasury corporations from its indexes. MSCI is a global supplier of financial market indices, data, and analytics that are helpful to investors worldwide.
One of the most significant index providers in the world, MSCI’s choices have the power to influence institutional investments worth billions of dollars. While exclusion can result in automatic sell-offs and decreased liquidity for impacted businesses, inclusion in an MSCI index frequently draws passive investment from mutual funds, ETFs, and sizable pension funds.
The news stated that this action was set to begin in January 2026. It’s interesting to note that JP Morgan previously disclosed this information in a research report, according to sources.
Also Read: Bitcoin’s ‘Digital Gold’ Narrative Is Under Pressure As Gold Demand Rises, Says JP Morgan
Strategy investors come out
Supporters of Strategy and Bitcoin have urged people to demonstrate against JP Morgan in large numbers. Grant Cardone, a real estate businessman and supporter of Bitcoin, claimed in a statement that he was only able to take out $20 million from JPMorgan Chase & Co. in response to this contact.
Cardone promised to sue the company for credit card problems after this accusation. The real estate investor’s remarks demonstrated how heated the internet boycott scenario was.
Max Keiser, a supporter of Bitcoin, pushed Cardone to overthrow JP Morgan and put his money into Strategy and Bitcoin in response to his assertions.
Shorting of Strategy Inc (NASDAQ:MSTR)
Additionally, there are rumours in the market that JPMorgan is shorting NASDAQ listed Strategy Inc (NASDAQ:MSTR). Some in the cryptocurrency community have cautioned that their dissatisfaction with JPMorgan might escalate into a GameStop-style reaction as the criticism gets stronger.
According to Deaton, retail traders could rally behind the stock, like they did with GameStop (GME), and try to raise its price if they think the bank is betting against MSTR.
Strategy’s founder and executive chairman, Michael Saylor, has already offered his thoughts on the suggested modifications to MSCI policy. Saylor claimed that Strategy was a structured finance corporation backed by Bitcoin rather than a fund, trust, or holding company.
This is a big controversy coming from the crypto industry with many big names involved. Even though nothing has been proven to be solid yet, the crypto community is already reacting with severe backlash for JPMorgan.
Also Read: JP Morgan Expands Blockchain-Based Kinexys Digital Payments With GBP Support