JPMorgan Chase: Bitcoin's biggest risk may come from blockchain adoption unrelated to public chains

According to TheBlock, analysts at JPMorgan pointed out that Strategy's recent sell-off of Bitcoin and its BTC monetization plan may bring periodic selling pressure, but it is not the main structural risk for Bitcoin. The greater risk is that blockchain applications (including payments, clearing, RWA, etc.) are increasingly moving towards bank-built or regulatory-friendly permission-based chains and unified ledgers rather than public chains. If tokenized deposits, SWIFT blockchain projects, central bank digital currencies, etc. are implemented in traditional financial infrastructure, and settlement adopts more private or deferred net models, the activity, liquidity and capital flow of the public chain and tokens may be weakened, and the demand for stablecoins may also be partially replaced by bank tokenized deposits, thus suppressing Bitcoin's performance. Analysts said that the hybrid architecture, good supervision of public chain stablecoins or the strengthening of the "digital gold" narrative may revise the above judgment.