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

CoinFeed July 9 news, according to The Block report, JPMorgan analysts pointed out that Strategy's recent sale of Bitcoin and its BTC monetization plan may bring periodic selling pressure, but it is not the main structural risk for Bitcoin. The bigger risk lies in blockchain applications (including payments, settlement, RWA, etc.) increasingly turning to banks' self-built or regulation-friendly permissioned chains and unified ledgers, rather than public chains. If tokenized deposits, SWIFT blockchain projects, central bank digital currencies, etc. are implemented within traditional financial infrastructure, and settlements adopt more private or deferred netting models, the activity, liquidity, and capital flows of public chains and tokens may be weakened, and stablecoin demand could also be partially replaced by bank tokenized deposits, thereby suppressing Bitcoin's performance.