J.P. Morgan: Bitcoin's biggest risk may come from blockchain adoption unrelated to public chains

Comparing news, according to The Block, JPMorgan (JPMorgan) analysts pointed out that Strategy's recent sell-off of Bitcoin and its BTC monetization plan may have brought phased pressure, but this is not Bitcoin's main structural risk. The greater risk is that blockchain applications (including payments, clearing, RWA, etc.) are increasingly shifting to banks' self-built or regulation-friendly licensing chains and unified ledgers rather than public chains.

If tokenized deposits, SWIFT blockchain projects, central bank digital currencies, etc. are implemented within traditional financial infrastructure, and more private or deferred net payment models are used for settlement, the activity, liquidity, and capital flow of public chains and tokens may be weakened, and demand for stablecoins may also be partially replaced by banks' tokenized deposits, thereby suppressing Bitcoin's performance. Analysts say that the hybrid structure, favorable regulation of public chain stablecoins, or the strengthening of the “digital gold” narrative may revise this judgment.

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