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Today in the world of crypto, the Bitcoin community is rallying against JP Morgan with calls for a boycott, Bloomberg’s Eric Balchunas raises concerns that Zcash might weaken the political and cultural backing for Bitcoin, and BlackRock’s clients are not tapping into Bitcoin’s potential for global payments in their investment strategies.
Bitcoin Community Takes a Stand Against JP Morgan
The Bitcoin (BTC) community, along with supporters from Strategy, the largest BTC treasury company, has initiated a boycott against JP Morgan, one of the biggest names in finance, as of Sunday.
This wave of discontent comes after reports that MSCI, a key player in market indexes, might exclude crypto treasury companies from its listings by January 2026.
“I just withdrew $20 million from Chase and I’m suing them for issues with my credit card,” real estate investor and Bitcoin enthusiast Grant Cardone shared, throwing his support behind the boycott.
Investor Fred Krueger voiced his concerns about JP Morgan, stating, “They are not fond of Bitcoin, decentralized finance, or stablecoins. They have strategically created barriers and now see Bitcoin as vulnerable. It’s no surprise they are pushing back against Strategy.”
The potential exclusion of crypto treasury firms from stock indexes could lead to a major sell-off, causing these companies to offload their crypto assets and putting downward pressure on crypto prices.
Zcash May ‘Split the Vote’ for Bitcoin, Says Bloomberg Analyst
Bloomberg’s Senior ETF Analyst Eric Balchunas has expressed concerns that Zcash could hinder Bitcoin at this pivotal moment.
In a recent post on X, Balchunas likened Zcash (ZEC) to a “third-party candidate,” suggesting that introducing a separate privacy coin could risk “splitting the vote” when Bitcoin (BTC) needs strong, united backing.
This comment comes amidst the growing debate between Bitcoin and Zcash. Arman Meguerian, founder and CEO of Timestamp, quickly dismissed any notion that BTC supporters are switching to Zcash, stating, “I don’t know any Bitcoin maxis who think about Zcash at all,” he wrote on X.
Samson Mow, founder of Jan3, echoed this sentiment, claiming that Bitcoin maxis only glance at Zcash to “roll their eyes.”
BlackRock’s Clients Not Considering Bitcoin for Global Payments
Robbie Mitchnick, BlackRock’s head of digital assets, revealed that many of the world’s top asset managers’ clients aren’t looking at Bitcoin as a tool for everyday payments when making investment decisions.
“For us and most of our clients, they aren’t really considering the global payment network angle,” Mitchnick stated in a podcast interview shared on YouTube this past Friday.
He added, “That’s kind of seen as a speculative option at this point.”
However, that doesn’t mean Bitcoin won’t eventually play a big role in payments; Mitchnick described that idea as “a bit more on the speculative side,” emphasizing that investors are currently more focused on Bitcoin as “digital gold” or a store of value.
“There’s still a lot to be done in terms of scaling Bitcoin, Lightning, and other advancements to make that a reality,” he said. In August 2024, Galaxy Research suggested that many Bitcoin layer-2 scaling networks, especially “rollups,” might not be sustainable in the long run despite their current popularity as a potential way to keep Bitcoin payments affordable, speedy, and decentralized.
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