JPMorgan Faces Growing Backlash as Bitcoin Supporters Rally Behind Strategy

JPMorgan is under mounting pressure as Bitcoin advocates, institutional investors, and high-profile industry leaders call for a widespread boycott of the banking giant. The backlash intensified following the bank’s recent actions perceived as attacks on Bitcoin and its reported alignment with parties pushing for the delisting of MicroStrategy (MSTR) from major indexes such as MSCI USA and the Nasdaq 100.

The controversy also resurfaces long-standing scrutiny regarding JPMorgan’s ties to Jeffrey Epstein, which previously prompted legal action, congressional probes, and internal investigations. Now, with Bitcoin-related tensions rising, critics argue the bank is amplifying risks for crypto-forward companies and investors.

Supporters of Michael Saylor’s MicroStrategy claim JPMorgan is targeting the company due to its heavy Bitcoin exposure—now over 50% of the firm’s holdings. Bitcoin advocates such as Grant Cardone, Jack Mallers, Max Keiser, and others have openly expressed frustration, accusing the bank and CEO Jamie Dimon of consistently undermining Bitcoin’s growth while contributing to crypto debanking concerns. Reports of significant institutional outflows from Bitcoin and Ethereum ETFs have added fuel to the fire.

Max Keiser has suggested that JPMorgan recently opened short positions on MSTR, warning that a strong rebound in the stock could lead to steep losses for the bank. Regulatory filings reflect JPMorgan cutting its MSTR shareholdings by nearly 25% last quarter, further intensifying speculation of strategic positioning against the company.

The boycott movement is gaining steam as numerous clients—including hedge funds, entrepreneurs, and industry leaders—reportedly close their JPMorgan accounts. Grant Cardone announced that he moved his accounts to Wells Fargo and advised followers to avoid Chase credit cards over fraud concerns.

Meanwhile, Strike CEO Jack Mallers revealed that JPMorgan abruptly closed his personal account, banning him from future services despite his family's longstanding history with the bank. He shared the bank’s letter citing “compliance concerns” and “unusual account activity,” fueling community outrage.

Despite market turbulence, Bitcoin has rebounded to $87,648 at the time of writing, with trading volume surging nearly 50% as investors buy the dip and challenge short pressure on MSTR.