Members of the Bitcoin community and supporters of the largest corporate BTC holder, Strategy, are criticizing JPMorgan's proposed Bitcoin-backed notes, accusing the bank of spreading fear, uncertainty, and doubt (FUD) about Strategy and other cryptocurrency treasury companies.
JPMorgan's notes are a leveraged investment product linked to the price of BTC. This product tracks BTC but amplifies the results, providing holders with 1.5 times the returns—or losses—until December 2028. According to SEC filings, these notes are set to launch in December 2025.
This move has sparked strong criticism from the Bitcoin community, with many stating that JPMorgan is now a direct competitor to BTC treasury companies, motivated to marginalize firms like Strategy to promote its own structured financial products.
A Bitcoin supporter on X stated, "Saylor has opened the door to a $300 trillion bond market and a $145 trillion fixed income market. Now, JPMorgan is launching Bitcoin-backed bonds to compete." He added, "The same institutions attacking MSTR are replicating this strategy."
Bitcoin advocate Simon Dixon also pointed out that JPMorgan's upcoming product is "designed to trigger additional margin calls on Bitcoin-backed loans," claiming it will "force Bitcoin treasury companies to sell under pressure in a declining market."
On X, cryptocurrency enthusiasts and Strategy supporters are now calling for a boycott of JPMorgan, encouraging Bitcoin supporters to close their accounts with the financial services giant and sell any shares they may hold in the company.
The backlash against JPMorgan began with a policy shift proposed by MSCI (formerly Morgan Stanley Capital International), which manages stock indices and sets criteria for index inclusion, suggesting the exclusion of treasury companies from its products.
The proposed shift is set to take effect in January, prohibiting cryptocurrency treasury companies with 50% or more of their assets in cryptocurrency from being included in the index.
JPMorgan shared this proposed policy shift in a research report in November, provoking strong criticism from the BTC community and Strategy investors.
Excluding cryptocurrency treasury companies from stock indices would deprive them of passive capital inflows and could force these companies to sell their cryptocurrency holdings to qualify for index inclusion, further driving down asset prices.
Related: Due to escalating concerns over the "targeted suppression of MSTR," Bitcoin (BTC) price faces the risk of falling below $80,000.
Original article: “Bitcoin (BTC) supporters accuse JPMorgan of rigging the game against Strategy and digital asset treasury companies”
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