JPMorgan Says the Real Threat to Bitcoin Isn’t Strategy (MSTR) — It’s Private Blockchains

JPMorgan analysts argue that private blockchains, not MicroStrategy's Bitcoin sales, pose the greater threat to Bitcoin. They warn that institutional adoption of permissioned blockchains with regulatory compliance could shift tokenization, payments, and settlements away from public networks like Bitcoin and Ethereum, reducing liquidity and capital flows. The report highlights risks from tokenized deposits, central bank digital currencies, and real-world asset tokenization migrating to private infrastructure.