Bitcoin Advocates Demand JPMorgan Boycott After Strategy Index Warning Sparks Crypto Community Fury

Crypto warriors declare war on traditional finance giant

The Backlash Ignites

Bitcoin maximalists and crypto enthusiasts are mobilizing against JPMorgan after the banking behemoth issued warnings about cryptocurrency investments in its latest strategy index. The call for a full-scale boycott gained immediate traction across social media platforms and crypto forums.

Digital Assets Strike Back

Community leaders argue traditional financial institutions consistently underestimate cryptocurrency's disruptive potential while simultaneously trying to profit from blockchain technology. The irony isn't lost on crypto veterans who've watched banks play both sides for years.

Wall Street's Love-Hate Crypto Dance

JPMorgan's warning comes as the bank continues developing its own blockchain solutions and digital currency projects. Because nothing says 'we don't believe in crypto' like spending millions to build your own version.

The Decentralization Front Lines

This latest clash highlights the growing tension between decentralized finance pioneers and established financial institutions struggling to maintain relevance. The crypto community's response demonstrates that in the battle for financial future, loyalty flows to protocols, not corporations.

TLDR

• MSCI plans to exclude crypto treasury companies with over 50% crypto holdings from major indexes starting January 2026, which could trigger automatic sell-offs
• Strategy (MSTR) stock dropped from over $450 in mid-July to around $170 by Friday’s close, down 41% year-to-date and 57% over the past year
• JPMorgan analysts estimate Strategy could face $2.8 billion in outflows if removed from MSCI indices, potentially reaching $8.8 billion if other index providers follow
• Bitcoin advocates including Grant Cardone and Max Keiser are calling for a boycott of JPMorgan, with Cardone claiming to withdraw $20 million from Chase
• Strategy founder Michael Saylor responded that his company is a “Bitcoin-backed structured finance company” that creates and operates, not a passive fund or holding company

The Bitcoin community launched boycott calls against JPMorgan over the weekend following news that crypto treasury companies may be excluded from major market indexes. Strategy, the largest corporate Bitcoin holder, faces potential removal from MSCI indices starting January 2026.

The enemy has a name: it's the Banking system.

Take a look at the chart of JPM since the great financial crisis. It's been STRAIGHT UP for the last 15 years.

JP Morgan has been consolidating its power as the head of the Banking Crime syndicate through both Obama terms, Trump… pic.twitter.com/YisF732oa5

— Fred Krueger (@dotkrueger) November 22, 2025

MSCI, an index company that sets criteria for market inclusion, plans to exclude treasury companies with 50% or more of their balance sheet in crypto. The proposed policy change WOULD affect Strategy and similar companies that hold large amounts of digital assets.

JPMorgan analysts shared the MSCI news in a research note this week. They estimate Strategy could face up to $2.8 billion in outflows if removed from MSCI indices. If other index providers follow MSCI’s lead, total withdrawals could reach $8.8 billion.

Strategy Stock Decline

Strategy stock (MSTR) fell below $200 on Wednesday after JPMorgan’s estimates were released. Shares continued dropping through the end of the week, reaching around $170 at Friday’s market close.

MicroStrategy Incorporated, MSTR

The stock had peaked above $450 in mid-July. Year-to-date, MSTR has declined 41%, and over the past year it has fallen about 57%.

Strategy entered the Nasdaq 100 in December 2024. This allowed the company to benefit from passive capital flows from funds holding the Nasdaq 100 index.

Community Response

Real estate investor and bitcoin advocate Grant Cardone said he pulled $20 million from Chase in response to JPMorgan’s actions. “I just pulled $20 million from Chase and suing them for credit card malfeasance,” Cardone stated.

I cancelled my JPM account and moved entire account to Wells. Also, don’t use chase credit card if you’re worried about fraud. More to come. pic.twitter.com/wi645YqdII

— Grant Cardone (@GrantCardone) November 23, 2025

Bitcoin advocate Max Keiser, who serves as a senior advisor to President Nayib Bukele, called for people to “crash JP Morgan and buy Strategy and BTC.” Pro-XRP lawyer John Deaton also joined the criticism of the banking giant.

Claims have circulated that JPMorgan is shorting MSTR stock. Critics also pointed to JPMorgan’s alleged financial ties to Jeffrey Epstein, which have faced Congressional scrutiny.

Saylor’s Defense

Strategy founder Michael Saylor responded to the proposed MSCI policy change on Friday. He said Strategy is not a fund, trust, or holding company.

“Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate,” Saylor explained. He described Strategy as a “Bitcoin-backed structured finance company.”

The exclusion from indexes could trigger automatic sell-offs from funds mandated to buy specific types of financial instruments. Asset managers that track these indexes would be required to sell shares of excluded companies.

Some community members warned that retail traders might rally around MSTR stock similar to the 2021 GameStop situation. If traders believe JPMorgan is betting against the stock, they may attempt to drive its price higher. JPMorgan has faced Congressional subpoenas regarding its oversight of Epstein’s accounts and financial activities.