JPMorgan Analysts Say Banks’ Shift to Permissioned Ledgers Poses Bigger Risk Than Strategy’s Bitcoin Sales

JPMorgan analysts said Strategy’s recent Bitcoin selling and its plan to monetize BTC could create temporary selling pressure, but they do not view it as Bitcoin’s main structural risk. According to PANews, the analysts said the larger risk is that blockchain applications—including payments, clearing, and real-world assets (RWA)—are increasingly moving toward bank-built or regulator-friendly permissioned chains and unified ledgers rather than public blockchains. They added that if tokenized deposits, SWIFT blockchain projects, and central bank digital currencies are implemented within traditional financial infrastructure, and if settlement relies more on private or deferred net settlement models, activity, liquidity, and capital flows on public chains and tokens could weaken. The analysts also said stablecoin demand could be partially replaced by banks’ tokenized deposits, which they said could weigh on Bitcoin’s performance.