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

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Mars Finance news, according to a report by The Block, JPMorgan (JPMorgan Chase) analysts said Strategy’s recent selloff of Bitcoin and its BTC monetization plan could bring periodic selling pressure, but it is not a major structural risk for Bitcoin. The bigger risk is that blockchain applications (including payments, clearing, RWA, etc.) are increasingly shifting toward bank-built or regulatory-friendly permissioned chains and unified ledgers, rather than public chains. If tokenized deposits, SWIFT blockchain projects, central bank digital currencies, and others are implemented within traditional financial infrastructure, and settlement increasingly adopts private or deferred netting models, then the activity, liquidity, and capital flows of public chains and tokens may be weakened, and stablecoin demand could also be partially replaced by banks’ tokenized deposits, thereby suppressing Bitcoin’s performance. The analysts said that strengthening the above assessment could include a hybrid architecture, regulatory tailwinds for public-chain stablecoins, or a stronger “digital gold” narrative.
BTC1.59%
RWA1.11%
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