JPMorgan Faces Boycott Calls From Strategy and Bitcoin Supporters
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JPMorgan is facing a growing boycott after Strategy and Bitcoin supporters accused the bank of releasing a market report that could undermine crypto treasury firms. The tension escalated on November 23 when fan communities demanded a full boycott of JPMorgan products.
$20M Pulled Out and a Lawsuit Rising: What Should We Expect Next?
The backlash began on November 21 after Empery Digital, a support page for Strategy’s stock, posted a detailed video criticising JPMorgan’s research note as biased, with calls spreading quickly across social platforms.
The next day, another fan page amplified the message and urged supporters to distance themselves from the bank.
Real estate investor Grant Cardon added momentum on November 23 when he announced he had withdrawn $20 million from Chase and revealed plans for a lawsuit over separate credit card issues.
https://twitter.com/GrantCardone/status/1992412428886589450?s=20
Chase is a major subsidiary of JPMorgan, providing banking services to millions of consumers and businesses under the corporate umbrella. If the lawsuit proceeds, it could expose JPMorgan to significant financial losses.
The movement gained additional traction when Bitcoin advocate Max Keiser urged supporters to act, while some customers indicated plans to close accounts linked to JPMorgan services.
Supporters argued that the bank’s report could harm Bitcoin and other crypto treasury funds, pointing to market reactions that followed its release.
The report first drew attention on November 19, when the BTC price was around $92,000 on CoinMarketCap. Hours later, the market dipped to $88,000 amid uncertainty.
By November 20, BTC had declined to $80,000, a slide supporters claimed aligned with the “potential impact” outlined in the report. It warned that crypto treasury firms might be removed from major market indexes in 2026, a move that could trigger forced selling by asset managers required to hold specific stocks.
Strategy’s Clarification and Potential Market Outlooks Calm the Storm
Strategy sought to ease concerns after the report circulated. Co-founder Michael Saylor clarified the company’s position and noted that Strategy creates and operates Bitcoin-backed financial products but is not a fund or a holding company.
https://twitter.com/saylor/status/1991875241107222701?s=20
He explained that this distinction places the firm outside the category primarily targeted by potential index exclusions.
Strategy recently joined the Nasdaq 100, gaining access to passive capital flows from index trackers.
Macro analyst Lyn Alden added calm during a podcast discussion, noting that the market had not reached euphoric conditions and arguing that fears of a major collapse were overstated.
She also said broader macroeconomic forces, rather than halving cycles, are now shaping Bitcoin’s movement.
Saylor had earlier said the BTC price could reach $150,000 by the end of 2025, but the market has been moving in the opposite direction. BTC is now around $87,455, about 31.3% which is far below its all-time high of $126,198 recorded on October 6.
Veteran trader Peter Brandt shared a quieter outlook of his own, saying Bitcoin might need nearly four more years to hit $200,000.
His view has made some investors wonder how Strategy and other similar firms will keep pushing their plans while the boycott noise keeps growing.
