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JP Morgan Faces Growing Backlash Over Bitcoin Stance: Calls for Boycott Intensify

Sunday Nov 23 2025 21:10

2 min

Table of Contents

1. Growing Anger Against JP Morgan Over Bitcoin Policies
1.1 The Reason Behind the Outcry
1.2 Strong Reactions
1.3 Potential Market Impact
1.4 Michael Saylor's Response
1.5 Possible Listing Criteria Change
1.6 Analysts' Warnings

Growing Anger Against JP Morgan Over Bitcoin Policies

The backlash against financial services company JP Morgan from the Bitcoin (BTC) community and supporters of BTC treasury company Strategy continued to swell on Sunday as calls to “boycott” JP Morgan intensified.

The Reason Behind the Outcry

The anger from the Bitcoin community stemmed from news that MSCI, formerly Morgan Stanley Capital International, an index company that sets criteria for index inclusion, is likely to exclude crypto treasury companies from its indexes in January 2026. JP Morgan shared the MSCI news in a research note.

Strong Reactions

“I just pulled $20 million from Chase and suing them for credit card malfeasance,” real estate investor and Bitcoin advocate Grant Cardone said in response to a call to boycott the financial services giant. “Crash JP Morgan and buy Strategy and BTC,” Bitcoin advocate Max Keiser said, as the online boycott movement gained momentum.

Potential Market Impact

The exclusion of crypto treasury companies from stock indexes could trigger an automatic sell-off of their shares from funds and asset managers mandated to buy specific types of financial instruments, and could negatively impact crypto markets.

Michael Saylor's Response

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.” Saylor added that “Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate,” adding that Strategy is a “Bitcoin-backed structured finance company.”

Possible Listing Criteria Change

The proposed MSCI listing criteria change would force any treasury company with 50% or more of its balance sheet in crypto to lose its index status. These companies would then face one of two choices: reduce crypto holdings to be below the threshold to qualify for index inclusion, or lose the passive capital flows from the market indexes.

Analysts' Warnings

A sudden sell-off from crypto treasury companies impacted by the proposed MSCI change could force digital asset prices down, according to analysts.

Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

Written by:

Noah Lee

JP Morgan Faces Growing Backlash Over Bitcoin Stance: Calls for Boycott Intensify

Growing Anger Against JP Morgan Over Bitcoin Policies

The Reason Behind the Outcry

Strong Reactions

Potential Market Impact

Michael Saylor's Response

Possible Listing Criteria Change

Analysts' Warnings

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