A growing wave of discontent is building within the Bitcoin and broader cryptocurrency community, with Strategy and its supporters leading calls for a boycott of JP Morgan. The tension stems from a confluence of factors, including concerns over potential exclusion of Strategy from major market indices and lingering resentment toward JP Morgan's perceived anti-crypto stance in the past.
The immediate catalyst for the boycott movement appears to be the growing likelihood that Strategy, a company known for its significant Bitcoin holdings, could be removed from key benchmark indices like the Nasdaq-100, MSCI USA, and MSCI World. JPMorgan analysts have warned that such a delisting could trigger substantial outflows from passive funds that track these indices, potentially amounting to billions of dollars. This is because Strategy's inclusion in these indices has allowed indirect Bitcoin exposure to seep into mainstream investment portfolios.
MSCI is currently consulting on a proposal to exclude companies whose primary business revolves around holding Bitcoin or other digital assets as treasury, especially if these holdings constitute 50% or more of their total assets. A final decision is expected on January 15, 2026, with any changes taking effect in February 2026.
The potential exclusion has sparked outrage among Bitcoin proponents, who view it as an attempt to stifle the growing influence of cryptocurrencies in traditional financial markets. They argue that Strategy's inclusion in these indices provides a valuable avenue for investors to gain exposure to Bitcoin without directly holding the digital asset. Removing Strategy, they contend, would unfairly penalize the company and limit investment options.
Adding fuel to the fire are older grievances related to JP Morgan's historical skepticism toward Bitcoin. Many in the crypto community have not forgotten past comments made by JP Morgan CEO Jamie Dimon, who once famously labeled Bitcoin a "fraud". While Dimon has since softened his stance, acknowledging customers' right to invest in Bitcoin, the initial remarks left a lasting negative impression.
Adding another layer of complexity, Adam Livingston recently called for a boycott of JP Morgan, raising concerns about the bank's alleged connections with Jeffrey Epstein and its recent financial decisions, including the debanking of cryptocurrency figure Jack Mallers and increasing the margin requirement for MicroStrategy to 95%. Although the tweet was later deleted, the sentiment resonated with some members of the crypto community.
The calls for a boycott are largely symbolic, but they reflect the deep-seated distrust and animosity that exists between some segments of the cryptocurrency world and traditional financial institutions like JP Morgan. Whether this movement gains significant traction remains to be seen, but it underscores the ongoing tension and ideological clash between the old and new guard of finance. It also highlights the increasing scrutiny faced by companies like Strategy, whose fortunes are closely intertwined with the volatile world of Bitcoin.
