JPMorgan: Bitcoin's Greatest Risk May Come From Private Blockchain Adoption, Not Spot Selling

According to JPMorgan analysts, as reported by The Block, the primary risk to Bitcoin may not be strategy-driven spot selling, but rather the increasing shift of blockchain applications toward private or regulated permissioned chains rather than public blockchains. This includes tokenized deposits, SWIFT blockchain projects, and central bank digital currencies (CBDCs) operating within traditional financial infrastructure.

If these systems settle primarily through private or delayed net settlement models instead of public chains, the activity, liquidity, and capital flows to public blockchains and tokens could diminish significantly. Stablecoin demand may also be partially replaced by bank-issued digital assets, potentially weakening Bitcoin's market performance.