Bitcoin Community Calls for JPMorgan Boycott: Strategy Faces Index Exclusion Threat

Escalating Conflict Between Wall Street and Bitcoin Industry

The conflict between the Bitcoin community and US banking giant JPMorgan has significantly intensified. The trigger is a combination of a critical research report on MicroStrategy and the surprising closure of bank accounts belonging to Strike CEO Jack Mallers. On social media, Bitcoin advocates are now calling for a boycott of JPMorgan ^[1][3].

At the center of the controversy are plans by index provider MSCI to potentially exclude crypto-treasury companies like MicroStrategy from major stock indices such as the MSCI World starting January 2026 ^[1]. JPMorgan analysts warned in this context of massive forced sales: up to $2.8 billion could flow out of MSCI indices alone, or as much as $8.8 billion in extreme cases if other index providers follow suit ^[1].

Hedging Strategy Weighs on MicroStrategy Stock

The proposed MSCI rule change would strip treasury companies with more than 50 percent crypto holdings on their balance sheets of index status ^[3]. This could force index-linked funds and ETFs to mechanically reduce their holdings—putting corresponding pressure on the stock price.

According to BitMine Chairman Tom Lee, MicroStrategy has become the preferred hedging option for Bitcoin investors. "Someone can use the very liquid options chain of MicroStrategy to hedge their entire crypto portfolio," Lee told CNBC ^[2]. This dynamic has made MicroStrategy an "unintended pressure relief valve" for the crypto market.

Despite the headwinds, MicroStrategy Chairman Michael Saylor remains committed to his strategy. "MicroStrategy is not a fund, not a trust and not a holding company," Saylor clarified, describing his company as a "Bitcoin-backed structured finance firm" ^[3]. On November 17, MicroStrategy announced it had acquired an additional 8,178 BTC for $835.6 million, bringing total holdings to 649,870 BTC worth nearly $56 billion ^[2].

Account Closure Fuels "Debanking" Debate

The conflict gains additional significance through the closure of Jack Mallers' bank accounts. JPMorgan Chase closed the Strike CEO's accounts without prior warning and without concrete explanation ^[1]. In a letter published by Mallers, the bank merely cited "suspicious activities" and its obligation to maintain financial system integrity ^[1].

The incident fuels speculation about systematic "crypto debanking" as part of the widely discussed "Operation Chokepoint 2.0" ^[1]. Despite an executive order from US President Donald Trump threatening penalties for companies that systematically exclude crypto businesses from the banking system, the practice appears to continue in daily compliance work ^[1].

Boycott Calls Gain Momentum

Within the Bitcoin community, a narrative of coordinated action against crypto business models is solidifying. "I just withdrew $20 million from Chase," declared real estate investor and Bitcoin advocate Grant Cardone ^[3]. Bitcoin advocate Max Keiser called on others: "Crash JP Morgan and buy MicroStrategy and BTC" ^[3].

Meanwhile, data from DefiLlama shows a significant decline in inflows to Digital Asset Treasuries (DAT): from nearly $11 billion in September to approximately $2 billion in October—an 80 percent decline. In November, inflows reached only about $500 million by mid-month ^[2].

Whether this represents isolated compliance decisions or a structural problem in how the traditional financial sector handles Bitcoin business models will likely become a regulatory flashpoint in the coming months ^[1].