The backlash against financial services company JPMorgan from supporters of the Bitcoin community and Bitcoin treasury company Strategy continued to escalate on Sunday, as calls for a "boycott" of JPMorgan grew louder.
The anger from the Bitcoin community stems from reports that the index company MSCI (formerly Morgan Stanley Capital International), which sets the criteria for index inclusion, is likely to exclude crypto treasury companies from its index in January 2026.
JPMorgan shared this MSCI news in a research report. "I just withdrew $20 million from Chase and am suing them for credit card misconduct," said real estate investor and Bitcoin advocate Grant Cardone in response to the calls for a boycott against the financial services giant.
"Bring down JPMorgan, buy Strategy and Bitcoin," Bitcoin advocate Max Keiser stated, as the online boycott movement gained momentum.
Excluding crypto treasury companies from stock indices could trigger automatic sell-offs by funds and asset managers that are required to purchase specific types of financial instruments, potentially having a negative impact on the crypto market.
Strategy is set to enter the Nasdaq 100 in December 2024, which consists of the 100 largest companies ranked by market capitalization on this tech-focused stock exchange.
This allows Strategy to benefit from the passive capital inflow dividends brought by funds and investors holding the Nasdaq 100.
Strategy founder Michael Saylor responded to the proposed MSCI policy change on Friday, stating, "Strategy is not a fund, not a trust, and not a holding company."
"Funds and trusts passively hold assets. Holding companies simply sit on investments. We create, design, issue, and operate," Saylor said, adding that Strategy is a "structured financial company backed by Bitcoin."
The proposed changes to MSCI's listing standards would force any financial company with 50% or more of its balance sheet in cryptocurrency to lose its index status. These companies would face two choices: reduce their cryptocurrency holdings to below the threshold to qualify for index inclusion, or lose passive capital inflows from market indices. Analysts say that sudden sell-offs by crypto financial companies affected by the MSCI proposed changes could force digital asset prices to drop.
Related: BlackRock's Bitcoin (BTC) clients have not "endorsed" global payment use cases
Original article: “Strategy and Bitcoin (BTC) supporters call for a boycott of JPMorgan”
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