{"id":18293,"date":"2025-11-24T04:01:41","date_gmt":"2025-11-24T03:01:41","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=18293"},"modified":"2025-11-24T04:01:41","modified_gmt":"2025-11-24T03:01:41","slug":"strategy-backs-push-for-jpm-boycott-and-sparks-zcash-vs-btc-showdown","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/11\/24\/strategy-backs-push-for-jpm-boycott-and-sparks-zcash-vs-btc-showdown\/","title":{"rendered":"Strategy Backs Push for JPM Boycott and Sparks Zcash vs. BTC Showdown"},"content":{"rendered":"

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Today in the world of crypto, the Bitcoin community is rallying against JP Morgan with calls for a boycott, Bloomberg\u2019s Eric Balchunas raises concerns that Zcash might weaken the political and cultural backing for Bitcoin, and BlackRock\u2019s clients are not tapping into Bitcoin\u2019s potential for global payments in their investment strategies.<\/p>\n

Bitcoin Community Takes a Stand Against JP Morgan<\/h2>\n

The Bitcoin (BTC<\/a>) community, along with supporters from Strategy, the largest BTC treasury company, has initiated a boycott against JP Morgan<\/a>, one of the biggest names in finance, as of Sunday.<\/p>\n

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.<\/p>\n

\u201cI just withdrew $20 million from Chase and I\u2019m suing them for issues with my credit card,\u201d real estate investor and Bitcoin enthusiast Grant Cardone shared<\/a>, throwing his support behind the boycott.<\/p>\n

Source: <\/em>Grant Cardone<\/em><\/a><\/figcaption><\/figure>\n

Investor Fred Krueger voiced his concerns about JP Morgan, stating, \u201cThey are not fond of Bitcoin, decentralized finance, or stablecoins. They have strategically created barriers and now see Bitcoin as vulnerable. It\u2019s no surprise they are pushing back against Strategy.\u201d<\/p>\n

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.<\/p>\n

Zcash May \u2018Split the Vote\u2019 for Bitcoin, Says Bloomberg Analyst<\/h2>\n

Bloomberg’s Senior ETF Analyst Eric Balchunas has expressed concerns that Zcash<\/a> could hinder Bitcoin at this pivotal moment.<\/p>\n

In a recent\u00a0post<\/a>\u00a0on X, Balchunas likened Zcash (ZEC) to a \u201cthird-party candidate,” suggesting that introducing a separate privacy coin could risk \u201csplitting the vote\u201d when Bitcoin (BTC) needs strong, united backing.<\/p>\n

This comment comes amidst the growing debate between Bitcoin and Zcash<\/a>. Arman Meguerian, founder and CEO of Timestamp, quickly dismissed any notion that BTC supporters are switching to Zcash, stating, \u201cI don\u2019t know any Bitcoin maxis who think about Zcash at all,\u201d he wrote<\/a> on X.<\/p>\n

Samson Mow, founder of Jan3, echoed this sentiment, claiming that Bitcoin maxis only glance at Zcash to \u201croll their eyes.\u201d<\/p>\n

\"Mining,
Eric Balchunas believes Zcash has third-party candidate vibes. Source: <\/em>Eric Balchunas<\/em><\/a> <\/figcaption><\/figure>\n

BlackRock\u2019s Clients Not Considering Bitcoin for Global Payments<\/h2>\n

Robbie Mitchnick, BlackRock\u2019s head of digital assets, revealed that many of the world\u2019s top asset managers\u2019 clients aren\u2019t looking at Bitcoin as a tool for everyday payments when making investment decisions.<\/p>\n

\u201cFor us and most of our clients, they aren\u2019t really considering the global payment network angle,\u201d Mitchnick stated<\/a> in a podcast interview shared on YouTube this past Friday.<\/p>\n

He added, \u201cThat\u2019s kind of seen as a speculative option at this point.\u201d<\/p>\n

However, that doesn\u2019t mean Bitcoin won\u2019t eventually play a big role in payments; Mitchnick described that idea as \u201ca bit more on the speculative side,\u201d emphasizing that investors are currently more focused on Bitcoin as \u201cdigital gold\u201d or a store of value.<\/p>\n

\u201cThere\u2019s still a lot to be done in terms of scaling Bitcoin, Lightning, and other advancements to make that a reality,\u201d he said. In August 2024, Galaxy Research suggested that many Bitcoin layer-2 scaling networks, especially \u201crollups,\u201d might not be sustainable in the long run despite their current popularity as a potential way to keep Bitcoin payments affordable, speedy, and decentralized.<\/p>\n