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JPMorgan warns blockchain adoption via private networks threatens Bitcoin more than big holders like Strategy.

Market News
09 Jul 2026
Crypto Briefing
View Source
Bearish
pluang ai news

JPMorgan analysts highlight that the real risk to Bitcoin's value is not the large Bitcoin holdings of Strategy (formerly MicroStrategy), but the growing institutional adoption of blockchain technology through private, permissioned networks like JPMorgan's Kinexys platform. Strategy holds about 4.2% of Bitcoin's supply, but JPMorgan points out that Kinexys has already processed over $4 trillion in transactions outside public blockchains. This shift means institutions might bypass public blockchains entirely, potentially limiting Bitcoin's future demand and price growth. Investors should watch how permissioned networks expand into areas traditionally served by public blockchains, as this could lead to a persistent undervaluation of Bitcoin rather than sudden crashes.

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