- Bitcoin supporters, including Grant Cardone and Jack Mallers, are severing ties with JPMorgan.
- JPMorgan faces backlash for its criticism of Bitcoin and involvement in efforts to delist Strategy.
- JPMorgan’s ties to the Epstein scandal further fuel concerns among Bitcoin advocates and investors.
JPMorgan Chase is facing mounting backlash from Bitcoin advocates after its recent stance on cryptocurrency and ties to the Jeffrey Epstein scandal. The Bitcoin community’s high-profile personalities, such as Grant Cardone, Jack Mallers, and Max Keiser, are on the move as a group against the bank. They, along with the organizations connected to them, have been criticizing JPMorgan’s stance on Bitcoin so openly that these have resulted in account terminations and even incitement to boycott the bank.
Boycott Calls from Bitcoin Supporters
The backlash against JPMorgan is fueled by the bank’s ongoing criticism of Bitcoin and its CEO Jamie Dimon’s frequent negative remarks about the cryptocurrency. These attacks have led to growing concerns in the crypto community, particularly as JPMorgan has sided with organizations pushing for the delisting of Michael Saylor’s company, Strategy, from major indices like the Nasdaq 100. Strategy holds more than 50% of its assets in Bitcoin, which has made JPMorgan’s actions a focal point of dispute among Bitcoin enthusiasts.
Max Keiser, a staunch Bitcoin advocate, expressed concerns that JPMorgan might be taking short positions against Strategy’s stock, which would result in significant losses if the stock recovers. JPMorgan’s SEC filings have also shown a reduction of nearly 25% in their holdings of MSTR stock. This move has only fueled suspicions about the bank’s approach to Bitcoin-related assets.
Account Closures and Divestment
In response to JPMorgan’s actions, several high-profile individuals and hedge funds are severing ties with the bank. Real estate mogul Grant Cardone, for example, closed his JPMorgan accounts and transferred his funds to Wells Fargo. He also advised his followers to avoid Chase credit cards due to concerns over fraud.
Another notable figure, Strike CEO Jack Mallers, revealed that JPMorgan had closed his personal accounts without prior warning. Despite a long-standing relationship with the bank, Mallers received a letter citing “compliance concerns” and “unusual account activity.” He now faces a ban from opening any future accounts with JPMorgan.
Wider Impact of JPMorgan’s Actions
The controversy surrounding JPMorgan extends beyond individual accounts. Institutional investors and Bitcoin supporters are expressing their dissatisfaction by withdrawing from the bank. Many are also backing Strategy, despite the potential risk of delisting. Michael Saylor, the founder of Strategy, has remained steadfast in his commitment to Bitcoin, regardless of the pressure surrounding the delisting issue.
These events are a turning point in the relationship between traditional financial institutions and the crypto. The activities of JPMorgan, entrepreneurial participation in the Epstein saga included, have triggered a more extensive dialogue regarding the bank’s role in the financial markets and its stance toward innovations such as Bitcoin.
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