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

JPMorgan asserts that the primary long-term risk to Bitcoin is the adoption of private blockchains by banks and institutions, rather than MicroStrategy's sales. Such a shift could divert institutional capital and activity away from public networks, potentially altering Bitcoin's value proposition and market dynamics. While MicroStrategy's actions are viewed as a short-term concern, the rise of private blockchains represents a more substantial threat to the broader crypto ecosystem's capital flows and overall activity.