...the bigger long-term risk is that institutions adopt private blockchains over public networks, reducing activity and capital flows across the broader crypto ecosystem.

JPMorgan says Strategy isn't bitcoin's main structural risk, but blockchain adoption that fails to benefit public blockchains and tokens.

JPMorgan analysts say Strategy's massive Bitcoin holdings aren't the real structural risk. Permissioned blockchain adoption that bypasses public chains is.

JPMorgan says Strategy's Bitcoin sales are a short-term concern, but the bigger long-term risk is that banks and institutions adopt private blockchains over public networks,…

JPMorgan says banks building private blockchains pose a bigger threat to crypto than Strategy's Bitcoin sales.

JPMorgan analysts say institutional adoption of private permissioned blockchains poses a bigger structural risk to Bitcoin than Strategy's $8.2B holdings.

...the bigger long-term risk is that institutions adopt private blockchains over public networks, reducing activity and capital flows across the broader crypto ecosystem.