Bitcoin Supporters Urge 'Boycott' of JP Morgan

The backlash against financial services giant JP Morgan is rapidly escalating, particularly among Bitcoin advocates and supporters of BTC treasury firm Strategy. A growing movement has emerged calling for a “boycott” of JP Morgan, fueled by recent developments in the cryptocurrency sector.

Key Takeaways

The Bitcoin community is rallying for a boycott of JP Morgan.
This reaction is partly due to MSCI's potential exclusion of crypto treasury firms from its indexes.
Prominent figures in the crypto community like Grant Cardone and Max Keiser are vocally participating in the boycott.
Strategy’s founder, Michael Saylor, defends the company against MSCI's proposed changes, emphasizing its unique position in the market.
The proposed MSCI policy changes could lead to significant impacts on crypto markets if firms face sell-offs.

Bitcoin Supporters Urge 'Boycott' of JP Morgan

This wave of dissatisfaction was ignited by news that MSCI, which stands for Morgan Stanley Capital International, is set to exclude crypto treasury firms from its indexes starting January 2026. JP Morgan highlighted this information in a recent research report. In response to this news, real estate investor and Bitcoin supporter Grant Cardone stated, “I just pulled $20 million from Chase and I'm suing them for credit card malfeasance.” Another Bitcoin advocate, Max Keiser, added, “Crash JP Morgan and buy Strategy and BTC,” as the online boycott movement gained momentum.

Banks, MicroStrategy, Companies Source: Fred Krueger

The potential exclusion of crypto treasury firms from key stock indexes could lead to an automatic sell-off of their stocks by funds and asset managers that have specific investment mandates, which may negatively impact the broader crypto market.

Related: Saylor Dismisses Claims That Wall Street 'Harmed' Bitcoin During Latest Downturn

Michael Saylor Responds to MSCI's Proposed Changes

Strategy, which was included in the Nasdaq 100 index—responsible for tracking the top 100 companies by market capitalization on the technology-centered stock exchange—recently benefited from passive capital flows from investors in that index, during its entry in December 2024.

In light of the proposed MSCI changes, Strategy founder Michael Saylor took a stand on Friday, clarifying, “Strategy is not a fund, not a trust, and not a holding company.” He explained, “Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate,” describing Strategy as a “Bitcoin-backed structured finance company.”

Banks, MicroStrategy, Companies Source: Michael Saylor

The proposed alterations to MSCI's listing criteria could result in treasury companies with 50% or more of their balance sheets in cryptocurrency losing their index status. These firms would then face two options: decrease their crypto holdings to qualify for index inclusion or risk losing capital influx from market indexes.

Analysts warn that a sudden sell-off prompted by the MSCI proposal could lead to a decline in digital asset prices.

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